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year prior to the issuance of the annual financial statements and has no budget <br />because of its temporary nature. <br />(b) This fund is not eligible for inter -fund loans. <br />2. Self -Funding Insurance Fund. (Fund 9702) <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 />(b) This fund is eligible for inter -fund loans. <br />Subdivision 3. Trust and Agency Funds. Trust and Agency Funds shall be used to <br />account for assets held by the City in a trustee capacity for individuals, private <br />organizations, other governments, and/or other funds. <br />a. Expendable Trust Funds. Expendable Trust Funds are funds whose principal and <br />income may be expended in the course of designated operations. The following are <br />Expendable Trust Funds: <br />1. Escrow Funds. (Fund 9804 & 9252) <br />(a) The Escrow Funds shall be used to account for monies held for specific purposes <br />from developers, contractors, builders, residents or the like. These funds shall be <br />non -interest bearing. <br />(b) These funds are 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 Nonexpendable <br />Trust Funds: <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 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 />Ordinance #25-12 <br />Page 12 of 13 <br />