GOVERNMENT Flashcards
(25 cards)
Governmental Funds
General fund Special Revenue Fund and Capital Projects fund Permanent Fund
General Fund
accounts for ordinary operations of a governmental unit that are financed from taxes and other general revenues. all transactions not accounted for in some other funds are accounted for here.
Special Revenue (“R”)
account for revenues from specific taxes or other earmarked sources that are restricted or committed to finance particular activities of government other than debt service or capital projects
Debt Service
account for the accumulation of resources and the payment of interest and principal on all “general obligation debt”
Capital Projects
Capital projects funds account for recources used for the acquisition or construction of major capital assets by a governmental unit
Permanent
Permanent funds are used to report resources that are legall restriced to the extent that income, and NOT PRINCIPAL, may be used for purposes that support the reporting government’s programs
PROPRIETARY FUNDS
“SE”
Internal Service
Enterprise Fund
Internal Service fund
account for goods and services provided by departments on a cost reimbursement fee basis to other departments
Enterprise funds
account for the acquisition and operation of governmental facilities and services that are intended to be primarily (over 50%) self supported by user charges. customers are primarily external (often used for utilities (water & sewer), airports, and transit systems
FIDUCIARY FUNDS
"PAPI" Pension fund Agency Fund Private Purpose Investment trust
Pension trust funds
account for resources of defined benefit and defined contribution plans, as well as post retirement benefit plans
Agency trust funds
account for resources temporarily in the custody of a governmental unit
Private Purpose
Private purose trust funds account for all other trust arrangements under which principal and income are for the benefit of specific individuals, private organizations, and other governments
Investment Trust
investment trust funds account for external investment pools
GOVERNMENTAL FUND RECONCILIATION
governmental fund F/S are RECONCILED to the GOVERNMENTAL ACTIVITES section of the government-wide presentation.
ENTERPRISE FUND PRESENTATION
enterprise funds are carried into the BUSINESS TYPE ACTIVITIES section of the government-wide F/S, generally with no reconciling items
INTERNAL SERVICE FUNDS PRESENTATION
Internal service funds are often merged with GOVERNMENTAL ACTIVITIES displayed in the government-wide financials
FIDUCIARY FUNDS PRESENTATION
fiduciary funds are presented INDIVIDUALLY as FUND F/S, but are EXCLUDED from the government-wide financial statement presentation.
GOVERNMENT (GRaSPP) FUNDS BALANCE SHEET
current assets and deferred OUTFLOWS
current liabilities and deferred INFLOWS of resources
+ FUND BALANCE
= TOTAL CURRENT LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES
= current financial resources measurement, CURRENT only,( no fixed assets or LTD)
GRaSPP: statement of REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
Revenues
other financing sources
= NET CHANGE IN FUND ASSETS
enterprise funds are required when
one of these criteria are met :
1. the activity of the fund is financed by DEBT SECURED BY A PLEDGE OF FEE REVENUE
- laws require collection fees adequate to recover costs
- pricing policies are established to produce fees to recover costs
ENTERPRISE FUND PRESENTATION
- STATEMENT OF NET POSITION
STATEMENT OF NET POSITION =
all assets and deferred outflows of resources
= NET POSITIONS (NOT FUND BALANCE)
economic resources measurement focus
Carry everything; fixed assets and LTD
ENTERPRISE FUND PRESENTATIONS
- STATEMENT OF revenues, EXPENSES, and changes in FUND NET POSITION
OPERATING REVENUE
= CHANGE IN NET POSITION
FIDUCIARY (TRUST) FUNDS PRESENTATION
- STATEMENT OF FIDUCIARY NET POSITION
STATEMENT OF FIDUCIARY NET POSITION
All ASSETS and deferred outflows of resources
= NET POSITION (NOT FUND BALANCE)
