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CITY OF RA~EY, M!h~ESOTA <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1980 <br /> <br />SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> <br />Fmnd Accounting <br /> <br />The accounts of the City are organized on the basis of funds <br />and account groups, each of which is considered a separate <br />accounting entity. The operations of each fund are accounted <br />for with a separate set of self-balancing accounts that <br />con, prise its assets, liabilities, fund equity, revenues, and <br />expenditures. Government resources are allocated to and <br />accounted for in individual funds based upon the pur~0oses <br />for which they are to be spent and the means by which <br />spending activities are controlled. The various funds are <br />grouped, in the financial statements in this report, into <br />five generic fund types and two broad fund categories as <br />follows: <br /> <br />General Frond - The General Fund is the general operating <br />fund of the City. It is used to account for all financial <br />resources except those required to be accounted for in <br />another fund. <br /> <br />Special Revenue Funds - Special Revenue FUnds are used to <br />account for the proceeds of certain specific revenue sources <br />that are legally restricted to expenditures for specified <br />purposes. <br /> <br />Capital Projects FUnds - Capital Projects FUnds are used to <br />account for financial resources to be used for the acquisition <br />or construction of major capital facilities other than those <br />financed by Specisal Assessment Funds. <br /> <br />Special Assessment FUnds - Special Assessment FUnds are used <br />to account for the financing of public improvements or <br />services deemed to benefit the properties against which <br />special assessments are levied. <br /> <br />- 5 - <br /> <br /> <br />