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1. Investment Trust Fund. <br /> <br /> (a) The Investment Trust Fund shall be an interim fund only used to account for and <br />distribute earned interest to the various City funds. This fund shall be closed each <br />year prior to the issuance of the annual financial statements and has no budget <br />because of its temporary nature. <br /> <br /> (b) This fund is not eligible for inter-fund loans. <br /> <br />. Self-Funding Insurance Fund. <br /> 2 <br /> (a) The Self-Funding Insurance Fund shall be used to account for insurance refunds, <br />dividends and other miscellaneous insurance related revenues, and to provide for <br />self-funding the deductible portion of the City's insurance policies. <br /> <br /> (b) This fund is eligible for inter-fund loans. <br /> <br /> Subdivision 3. Trust and Agency Funds. <br />Trust and Agency Funds shall be used to <br />account for assets held by the City in a trustee capacity for individuals, private <br /> <br />organizations, other governments, and/or other funds. <br /> <br />a. Expendable Trust Funds. <br />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 /> <br />. Escrow Fund. (Fund 9804) <br /> 1 <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 /> <br /> (b) This fund is not eligible for inter-fund loans. <br /> <br />b. Nonexpendable Trust Funds. <br /> 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 /> <br />. Agency Funds. <br /> 1 <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 /> <br /> <br /> <br /> <br />Subdivision 4. Account Groups <br /> <br />a. General Fixed Asset Account Group. <br /> <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 />Page 10 of 11 <br /> <br /> <br />