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-20- NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Description of Funds The City reports the following major governmental funds: General Fund – The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. G.O. Capital Improvement Plan Bonds Series 2015A Debt Service Fund – The G.O. Capital Improvement Plan Bonds Series 2015A Fund accounts for all debt service activity related to the 2015A bond. G.O. Capital Improvement Plan Bonds Series 2018A Debt Service Fund – The G.O. Capital Improvement Plan Bonds Series 2018A Fund accounts for all debt service activity related to the 2018A bond. Street Improvements Capital Project Fund – The Street Improvements Capital Project Fund is used to account for the accumulation of resources that are restricted, committed, or assigned to expenditures for capital outlays, including the acquisition or construction of capital facilities. Parks and Playgrounds Capital Project Fund – The Parks and Playgrounds Capital Project Fund is used to account for the accumulation of resources that are restricted for capital outlays and other costs related to maintaining and improving the City’s parks and playgrounds. The City reports the following major proprietary funds: Water Utility Enterprise Fund – The Water Utility Enterprise Fund accounts for customer water service charges that are used to finance water operating expenses. Sewer Utility Enterprise Fund – The Sewer Utility Enterprise Fund accounts for customer sewer service charges that are used to finance sewer operating expenses. E. Cash and Investments Cash and temporary investments include balances from all funds that are combined and invested to the extent available in various securities as authorized by state law. Earnings from the pooled investments are allocated to the respective funds on the basis of applicable cash balance participation by each fund. For purposes of the Statement of Cash Flows, the City considers all highly liquid instruments with an originally maturity from the time of purchase by the City of three months or less to be cash equivalents. The proprietary funds’ portion in the government-wide cash and investment management pool is considered cash equivalent.