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1- i* <br />i. <br />S-. <br />f- <br />j <br />k. <br />CITY OP OitOK) <br />IHniODOCTIOII TO BODGBTTD FUNDS <br />91467.38(46) <br />Th« city ot Ocono operate* under "Optional Plan A" <br />Cora of governaent as defined in the State of Minnesota <br />Statutes. The City Couacil, coapoaed of an elected nayoc <br />and four elected couneilaeabersr exercises legislative <br />authority aod deteralnes all aatters of policy. <br />The accounts of the City are organized on the basis <br />of funds and account groupSf each of which is considered a <br />aaparate accounting entity. A fund is defined as a fiscal <br />and accounting entity with a self-balancing set of accounts <br />to record cash and other resourceSf together with related <br />liabilities and balances. Funds are segregated for the <br />purpose of carrying on specific activities or objectives <br />under special regulations, restrictions or linitations. <br />The City prepares budgets for <br />grouped by fund type. <br />the following funds. <br />J" <br />ir <br />i 'T <br />tv;. <br />1. Governaiental Funds types are those through which <br />•oat governaantal functions are financed and Include the <br />following fundst <br />a) General Fund - The General Fund is the general <br />Operating food of the City, it is used to account <br />for all financial resources except those required <br />to be accounted for in another fund. <br />b) Special Sevenue Funds - Special Revenue Funds <br />are used to account for the proceeds of specific <br />revenue sources (other than special assesseents, <br />expendable trusts, or aajor capital projects) that <br />are legally restricted to expenditures for specific <br />purposes. Included in this fund type arei <br />Park Fund <br />taprovesMnt and Equlpeent Outlay Fund <br />Building Capital Outlay Fund <br />1 <br />c) Debt Service Funds - Debt Service Funds are used <br />to account for the accuuulation of resources for. <br />and the paynent of. general long-tern debt <br />principal. Interest, and related costs. Included <br />in this fund type are: <br />1966-76 Improvenent Bond Fund <br />1960 Improvenent Bond Fund <br />1962 Inprovenent Bond Fund <br />1985 Inprovenent Bond Fund <br />The debc service funds appear as infornation only. <br />Fornal budgets are not required annually as the schedule of <br />bond redemption and sources of revenue ace established at <br />the time of bond sale. <br />d.) Capital Project Funds - Capital Project Funds <br />ate used to account for financial resources to be <br />used for the acquisition or construction of major <br />capital facilities other than those financed by <br />proprietary funds and trust funds. Included in <br />this fund type arei <br />Municipal State Aid Construction Fund <br />Permanent Inprovenent Revolving Fund <br />2. Proprietary Fund Types ace used to account for the <br />City's activities which ace similar to the private <br />sector. <br />The City has three (3) Enterprise or Proprietary <br />Funds wherein the costs of providing goods or services to <br />the general public on a continuing basis are to be financed <br />or recovered primarily through user charges. Included in <br />this fund type aret <br />Water Operating Fund <br />Sewer Operating Fund <br />Golf Course Operating Fund