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CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1988 <br />Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) <br />B. Fund Accounting (continued) <br />1) Governmental Fund Types (continued) - <br />d) Capital Project Funds - The Capital Project Funds are used <br />to account for financial resources to be used for the <br />acquisition or construction of major capital facilities. <br />2) Proprietary Fund Types - These funds are used to account for <br />operations that are organized to be self- supporting through <br />user charges. The funds included in this category are the <br />Enterprise 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 Types - These funds are used to account for <br />assets held by the City as a trustee or agent for individuals, <br />private organizations, other governmental units, and other <br />funds. The 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 essen- <br />tially the same manner as Governmental Funds. <br />b) Agency 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 <br />account groups that are described as follows: <br />1) General Fixed Assets Account Group - This is not a fund but <br />rather an account group that is used to account for general <br />fixed assets acquired principally for general purposes and <br />excludes fixed assets in the Enterprise Funds. <br />2) General Long -Term Debt Account Group - This is not a fund but <br />rather an account group that is used to account for <br />outstanding principal balances of general obligation bonds and <br />other long -term debt not reported in the Proprietary Funds. <br />