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In practice, levels of fund balance, (expressed as a percentage of revenues/expenditures <br /> or as a multiple of monthly expenditures),typically are less for larger governments than <br /> for smaller governments because of the magnitude of the amounts involved and because <br /> the diversification of their revenues and expenditures often results in lower degrees of <br /> volatility. <br /> Approved by the Committee on Accounting, Auditing and Financial Reporting and the <br /> Committee on Governmental Budgeting and Management, January 30, 2002 <br /> Approved by the Executive Board, February 15, 2002. <br /> • <br />