SPECIAL FUNDS
INTERNAL SERVICE FUNDS
Fund 501: INVENTORY FUND The Inventory internal service fund accounts for the acquisition cost of materials and supplies maintained at the City's central warehouse. Funding for acquisition of materials and supplies is provided by charges to user departments. The City uses the "First In, First Out" (FIFO) method for inventory costing.
Fund 570: INSURANCE FUND The Insurance internal service fund administers the self-insurance program that protects the City against financial loss from workers compensation and general liability claims. It accounts for property insurance, loss exposure, citywide benefit programs, and unemployment insurance. This fund is financed from premiums paid by the departments as a percentage of salaries. In addition to the reserve amount in the fund balance, the City has set aside approximately $17.8 million as a liability within the fund to pay for future claims.
FY 2023-25 Adopted Budget
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