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CITY OF ORONO, MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1994 <br />NOTE I - SIGNIFICANT ACCOUNTING POLICIES (CONTINLTD) <br />1.GoTOiimental Fund Types <br />a.General Fund - The General Fund is the general operating tund of the City. It is used to <br />acccHint for all fmarcial resources except those required to be accounted for in another fund. <br />b.Special Revenue Funds - The Special Rr enue Funds are used to account b'r the proceeds <br />of specific revenue sources (other than expendable trusts or major capital projects) that are <br />restricted to expenditures for specified purposes. <br />c.Debt Service Funds - The Debt Service Funds are used to account for the accumulation of <br />resources for. and the payment of. bonded general long-term debt principal, interest, and <br />related costs. <br />d. Capital Project Funds - The Capital Project Funds are used to account for financial <br />resources to be used for the acquisition or construction of major capital facilities (other than <br />those financed by Proprietary Funds). <br />2.Proprietary Fund Type <br />a.Enterprise Funds - The Enterprise IW-* used to account for operations that are <br />financed and operated in a manner similar* *-ivatc busines.A enterprises — where the intent <br />of the governing body is that the costs of r iding goods or services to the general public <br />on a continuing basis be financed or recovered primarily through user charges. <br />3.Fiduciary Fund Type <br />a.Expendable Trust Fund - The Expendable Trust Fund is used to account for assets held by <br />the City in a trustee capacity. The Expendable Tru.st Fund includes the City ’s tlexibie benefit <br />plan (Internal Revenue Code <i| 125). <br />b.Agency Funds - The Agency Funds are used to account for assets held by the City in the <br />capacity of agent. These funds are used for the City ’s deferred compensation plan (Internal <br />Revenue Code § 457). <br />4.Account Groups <br />a.General Fixed Assets - This separate account group contains the fixed a.s.sets of the <br />governmental fund types. <br />b.General Long-Term Debt - This account group contains the long-term obligations of the <br />City, other than those liabilities included in the Proprietary Funds. <br />-31- <br />( <br />I <br />I <br />I <br />J <br />J <br />I <br />I