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•Government policy regarding order of spending <br /> — Restricted and unrestricted fund balance <br /> —Committed, assigned, and unassigned <br /> •Stabilization arrangements <br /> —Authority for establishing <br /> — Requirements for additions <br /> —Conditions under which amounts may be used <br /> Governmental Fund Type Definitions <br /> GENERAL FUND <br /> •Current Definition: The general fund is used to account for all financial resources except <br /> those required to be accounted for in another fund. <br /> ■GASB 54 Definition: The general fund is used to account for and report all financial <br /> resources not accounted for and reported in another fund. <br /> SPECIAL REVENUE FUND <br /> Current Definition: <br /> •Special Revenue Funds are used to account for the proceeds of specific revenue sources <br /> that are legally restricted to expenditure for specified purposes. <br /> Statement 54 Definition: <br /> •Special Revenue Funds are used to account for and report proceeds of specific revenue <br /> sources that are restricted or committed to expenditure for specified purposes other than <br /> debt service or capital projects. <br /> •Proceeds of specific revenue source that are restricted or committed should be recognized as <br /> revenue in the special revenue fund and not in the fund initially receiving them. <br /> •If the government no longer expects that a substantial portion of the inflows will derive from <br /> restricted or committed revenue source, then the resources should be reported in the general <br /> fund. <br /> CAPITAL PROJECT FUNDS <br /> Current Definition: <br /> •Capital Project Funds are used to account for financial resources to be used for the <br /> acquisition or construction of major capital facilities. <br /> •All Capital Reserve Funds must now be combined with the Capital Projects Fund. <br /> ■The restricted portion of the reserve will not be either restricted or committed fund balance <br /> within the fund. <br /> Statement 54 Definition: <br /> •Capital Project Funds are used to account for and report financial resources that are <br /> restricted, committed, or assigned to expenditure for capital outlays, including the acquisition <br /> or construction of capital facilities and other capital assets. <br />