SPECIAL FUNDS
INTRODUCTION The FY 2023-25 Budget is comprised of 62 individual funds. Each of these individual funds is classified into one of five categories: General Reserve, Special Revenue, Capital Projects, Debt Service, or Internal Service Funds.
A brief description of the categories and corresponding summary of the revenue and expenditure activity are provided below. A description of each fund, as well as a table summarizing the revenue (not including beginning balances) and expenditure activity of all special funds, is provided in the following pages.
Additional special fund summary information can be found in the Budget Summary chapter of this document.
Special Fund Budgeting The term “Special Funds” shall be used to identify all funds other than the General Fund (001), inclusive of the following fund types: General Reserve, Special Revenue, Capital Projects, Debt Service, and Internal Service Funds. Special Funds shall be created when legally required, requested by the City Council, recommended by the Finance Commission, or to facilitate internal accounting and financial reporting procedures. The biennial budget for each Special Fund shall be prepared in conjunction with the General Fund budget and shall be submitted to the City Council for adoption prior to the beginning of the fiscal year. Special Funds budgetary and accounting procedures will conform to GAAP. Activities of the Special Funds are reported to the Finance Commission and City Council on a regular basis consistent with General Fund reporting responsibilities. To show true cost of services, revenues and expenditures are budgeted and accounted for directly in the appropriate fund. Costs for services provided between funds are budgeted as an expense in the fund receiving the services and as revenue to the fund providing the services.
FY 2023-25 Adopted Budget
309
Made with FlippingBook interactive PDF creator