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CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 1. SUMMARY OF SIGNIFICANT ACCOl,~NTING POLICIES (continued} <br />B. Fund Accounting (continued) <br />1) Governmental Fund Tyoes (continued) - <br />d) f~Qject Funds -The Capital Project Funds are <br />used to account for financial resources to be used for the <br />acquisition or construction of major capital facilities. <br />2) Prosy Fund Tye -These funds are used to account for <br />operations that are organized to be self-supporting through user <br />charges. The funds included in this category are the Enterprise <br />Funds. <br />a} Enterprise Funds -The Enterprise Funds are used to <br />account for operations that are financed and operated in a <br />manner similar to private business sector enterprises, <br />where the intent is that the cost of providing goods or <br />services to the general public on a continuing basis be <br />financed or recovered primarily through user charges. <br />3) Fiduciary Fund Tye - These funds are used to account for assets <br />held by the City as a trustee or agent for individuals, private <br />organizations, other governmental units, and other funds. The <br />funds included in this category are as follows: <br />a) Trust Funds -The City's Trust Funds are classified as <br />Expendable Trust Funds and are accounted for in <br />essentially the same manner as Governmental Funds. <br />b) Aaency Funds -The City's Agency Funds are custodial in <br />nature and do not involve measurement of results of <br />operations. <br />In addition to the three fund types, the City also maintains two account groups <br />that are described as follows: <br />1) general Fixed Assets Account GrouR -This is not a fund but <br />rather an account group that is used to account for general fixed <br />assets acquired principally for general purposes and excludes <br />fixed assets in the Enterprise Funds. <br />-14- <br />