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1 <br />1 <br />1 <br />1 <br />1 <br />II 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />A. Fund Accounting <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 <br />accounted for with a separate set of self - balancing accounts <br />that comprise its assets, liabilities, fund equity, <br />revenues, and expenditures. Government resources are <br />allocated to and accounted for in individual funds based . <br />upon the purposes for which they are to be spent and the <br />means by which spending activities are controlled. The <br />various funds are grouped, in the financial statements in <br />this report, into five generic fund types and two broad fund <br />categories as follows: <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />EXHIBIT 4 <br />GOVERNMENTAL FUNDS: <br />CITY OF RAMSEY MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 1982 <br />General Fund - 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 />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 />Debt Service Funds - Debt Service Funds are used to account <br />for the payment of interest and principal on long -term, <br />general obligation debt. <br />Capital Projects Funds - Capital Projects Funds are used to <br />account for financial resources to be used for the acquisi- <br />tion or construction of major capital facilities. <br />