Major Funds and Fund Level Reporting

Question 1

What are the characteristics of a “Major Fund”?

Answer 1

-Comprises 10% of assets, liabilities, deferred inflows/outflows, revenues, or expenses/expenditures for its fund category and 5% of corresponding total for all governmental and enterprise funds combined. Or based on professional judgment

Question 2

Is the General Fund a major fund?

Answer 2

-Yes Always