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<br /> <br />Proprietary Fund Types (2) <br /> <br />. Enterprise Fund <br />- An enterprise fund is a fund established for the purpose of <br />measuring net income for a governmental department <br />providing goods or services primarily 10 outside consumers, in <br />which il is the intent of the governmenllhat the department <br />operate on a cosl-recovery or profitable basis.(Le. <br />Water/Sewer) <br />Internal Service Fund <br />An internal service fund is a fund established for the purpose <br />of measuring net income for a governmental department <br />providing services primarily to other departments or agencies <br />within the government, in which it is the intent of the <br />government that the department operate on a cost <br />reimbursement basis. (Le. motor pool, data processing) <br /> <br /> <br />Fiduciary Fund Types (4) <br /> <br />Agency Fund <br />An agency fund is used to account for resources held by a <br />government entity which are not owned by the entity, but which <br />are payable to some outside party, such as another <br />govemmentunit. <br />Investment Trust Fund <br />- Accounts for the external portion of investment pools reported <br />by the sponsoring government <br />PensIon Fund <br />- Used to account for assets provided to pension trusts. The <br />earnings of these assets are used to pay the pensions of <br />public (government) employees <br />Private"Purpose Trust Fund <br />- Report all other trust arrangements <br /> <br /> <br />How Many Funds Do You Need? <br /> <br />. Must have only ONE general fund <br />. May not need one of every fund type <br />- No outst~lnding long-term debt? Don't need a debt service <br />fund. <br />May have more than one of some types <br />- Three bullding projects, may have three capital projects funds. <br />. Exact number depends on judgment <br />Use the minimum number that will allow compliance with legal <br />and other restrictions. <br /> <br />6 <br />