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1. Governmental Funds <br />These funds are accounted for with a modified accrual basis of accounting. That means the <br />focus is on spendable resources. The equity portion of the balance sheet focuses on assets <br />and receivables that can quickly be converted to cash. The value of buildings, streets, and <br />equipment are not included. We donÓt include non-cash expenditures such as depreciation. <br /> <br />A. General Fund Î for general operations of the city with unrestricted <br />money. <br />B. Special Revenue Funds Î we only have a Cable TV fund that is <br />primarily funded by cable tv franchise fees. <br />C. Debt Service Funds Î when we issue bonds we have to segregate the <br />money dedicated to repayment. This can either be general tax money or <br />special assessments. Nothing else can be done with those funds until the <br />debt is completely paid off. <br />D. Capital Projects Funds Î these funds are for new or replacement <br />equipment and infrastructure. We have one for Developer Escrow <br />payments to ensure that they meet the terms of their development <br />agreements when they build something in the city. We also have a fund <br />for Park Dedication which spends money paid by a developer from a new <br />plat or parcel for new park infrastructure. We have an Equipment <br />Replacement Fund and Street Improvement Fund which are replenished <br />with property tax dollars transferred in from the General Fund and in the <br />case of the Street Improvement Fund with franchise fees levied against <br />gas and electric bills in the community. <br /> <br />2. Business Type Funds <br />These funds are accounted for with a full accrual basis of accounting. This focuses <br />on enterprise value and the equity portion of the balance sheet includes all the <br />undepreciated equipment and infrastructure along with assets such as cash and <br />accounts receivable. <br /> <br />Enterprise Funds Î we have operations that are supposed to be run like <br />businesses. These include city operations for Water, Sewer, and Storm Water. The <br />other two enterprise funds are Garbage and Recycling, but those operations are <br />provided by Republic Services. <br /> <br />3. Discretely Presented Component Unit <br />The Economic Development Authority (EDA) is a quasi-independent part of the <br />City. The City exercises sufficient control over the EDA through the appointment <br />and funding process that it is considered a part of the city government for financial <br />reporting purposes. The EDA receives an annual budget allotment from the cityÓs <br />general fund. However, the City Council does not directly control the expenditure <br />of those funds. The EDA is run by a five-person board Î two council members are <br />7 <br /> <br />