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17 <br />C7 <br />• <br />CAPITAL PROJECT FUNDS _ . <br />Statement 54 Definition: <br />Capital Project Funds are used to account <br />for and report financial resources that are <br />restricted, committed, or assigned to <br />expenditure for capital outlays, including <br />the acquisition or construction of capital <br />facilities and other capital assets. <br />CAPITAL RESERVE FUNDS <br />GASB Statement 54 does not prohibit the use of <br />capital reserve funds; the General Statutes <br />authorize the use of these funds. Statement 54 <br />only provides guidance on how to classify and <br />report these funds according to fund type. Under <br />previous guidance they were reported as special <br />revenue fund types; under new guidance they will <br />be reported as capital projects, as part of the <br />capital projects fund or as a debt service fund, <br />depending on how the moneys in the capital <br />reserve fund are used. <br />• <br />