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(a) <br /> <br />(b) <br /> <br />(a) <br /> <br />Investment Trust Fund. <br />The Investment Trust Fund shall be an inte~rn 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 f'mancial statements and has no budget <br />because of its temporary nature <br /> <br />This fund is not eligible for inter-fund loans. <br /> <br />Self. Funding Insurance Fund. <br />The Serf-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) <br /> <br />?. <br /> (a) <br /> <br /> (b) <br /> <br />b. <br /> <br />(a) <br /> <br />This fund is eligible for inter-fund loans. <br /> <br />Flexible Benefit Plan Fund. <br />The Flexible Benefit Plan Fund shall be used to account for the City's flexible <br />benefit plan which is classified as a "cafeteria plan" under Section 125 of the <br />Internal Revenue Code. <br /> <br />This fund is not eligible for inter-fund loans. <br /> <br />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 />stipulauon that the principle be preserved intact. The following are Nonexpendable <br />Trust Funds: <br /> <br />Pension Trust Funds. <br />The Pension Trust Funds shall be used to account for City operated public <br />employee retirement systems. <br /> <br />Agency Funds. <br />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 />Subdivision 4. Account Groups <br /> <br />General Fixed Asset Account Group. <br />The General Fixed Asset Account Group shall be used to account for tangible assets <br />of significant value which have a service life in excess of one year and are not <br />accounted for in a proprietary fund type. <br /> <br />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 f'manced by revenue of Governmental Fund types. <br /> <br />Page 9 of 10 <br /> <br /> <br />