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a. Expendable Trust Funds. Expendable Trust Funds are funds whose principal <br />and income may be expended in the course of designated operations. The <br />following are Expendable Trust Funds: <br />1. Escrow Fund. (Fund 9804) <br />(a) The Escrow Fund shall be used to account for monies held for specific purposes <br />from developers, contractors, builders, residents or the like. This fund shall be <br />non -interest bearing. <br />(b) This fund is not eligible for inter -fund loans. <br />4. No longer utilized) <br />—(a) The Flexible Benefit Plus Fund °hall be used to account for the City's flexible <br />benefit phn which is classified Go a "&afetaia pkn" uxder Section 125 of the <br />Internal Revenue Code. <br />-<b) Thio fund is not eligible for inter fund loans. <br />b. Nonexpendable Trust Funds. Non -expendable Trust Funds are funds whose <br />principal must be preserved intact. These funds are intended to account for the <br />principal portion of an endowment provided to the City by private donors with the <br />stipulation that the principle be preserved intact. The following are <br />Nonexpendable Trust Funds: <br />1. . (No longer utilized) <br />—(a) The Pensiox TrInt Fundo 0 11 be used to account for City operated public <br />employee retirement systems. <br />1. Agency Funds. <br />(a) Agency Funds shall be custodial funds (assets equal liabilities) and do not involve <br />measurement of operations. Agency Funds are merely clearing accounts and have <br />no fund equity. <br />Subdivision 4. Account Groups <br />a. General Fixed Asset Account Group. <br />The General Fixed Asset Account Group shall be used to account for tangible <br />assets of significant value, which have a service life in excess of one year and are <br />not accounted for in a proprietary fund type. <br />b. General Long -Term Debt Account Group. <br />The General Long -Term Debt Account Group shall be used to account for long- <br />term debt, which is to be financed by revenue of Governmental Fund types. <br />Subdivision 5. Inter -Fund Loans. Inter -fund loans are transfers from one fund to <br />another with the intentions of repayment of principal or principal and interest. All inter - <br />fund loans shall be approved by City Council resolution. Such resolution shall state the <br />amount of the inter -fund loans, the interest rate, where applicable, and the repayment <br />period. <br />Page 13 of 14 <br />