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INTERNAL SERVICE FUNDS <br />Internal Service funds are used to account for the financing of goods or services provided by one department to other <br />departments of the City, on a cost reimbursement basis. Revenues are recognized in the accounting period in which they <br />are earned and become objectively measurable; expenses are recognized in the period incurred, if objectively measurable. <br />Insurance Fund was established to account for the insurance costs incurred by the City for general liability, property, <br /> <br />Compensated Absences Fund was established to account for the accrual of sick and vacation days that are earned by the <br /> <br />Fleet Management Fund <br />various vehicles. <br />IT Services Fund was established to account for the cost of IT services to the various City functions and departments. <br />123 150