STATE AND LOCAL GOVERNMENT ACCOUNTING in VS .NET

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STATE AND LOCAL GOVERNMENT ACCOUNTING
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of years The inclusion of a noncurrent asset in the general fund results in a portion of the general fund s fund balance not being readily available to nance current operations To re ect the unavailability of an advance to nance current activities, a fund balance reserve is established to segregate a portion of the fund balance from the general fund in an amount equal to the advance that is not considered currently available Establishing this reserve does not require a charge to operations; rather, it is a segregation of the fund balance in the available general fund and is established by debiting unreserved fund balance and crediting reserved fund balance The reserve is reported in the fund balance section of the balance sheet (ii) Special Revenue Funds Special revenue funds should be established to account for the proceeds of speci c revenue sources (other than expendable trusts, or major capital projects) that are legally restricted to expenditure for speci ed purposes and for which a separate fund is legally required Examples are parks, schools, and museums, as well as particular functions or activities, such as highway construction or street maintenance A special revenue fund may have a de nite limited life, or it may remain in effect until discontinued or revoked by appropriate legislative action It may be used for a very limited purpose, such as the maintenance of a historic landmark, or it may nance an entire function of government, such as public education or highways A special revenue fund may be administered by the regularly constituted administrative and nancial organization of the government; by an independent body or special purpose local district, such as a park board or the board of directors of a water district; or by a quasi-independent body In some cases, the fund may be administered by an independent board, but the government maintains the accounting records because the independent board does not have the necessary personnel or other facilities Some of the activities mentioned above could also be accounted for in an enterprise fund Deciding which type of fund to use is often dif cult Basically, unless the government determines that the activity should be nanced and operated in a manner similar to that for private business enterprises, the activity should be accounted for as a special revenue fund A special revenue fund is not appropriate, however, when the costs, including depreciation, of providing goods or services to the general public on a continuing basis are to be nanced or recovered primarily through user charges Also, a special revenue fund is not appropriate when the government has decided that periodic determination of revenues earned, expenses incurred, or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes (iii) Debt Service Funds Debt service funds exist to account for the accumulation of resources for, and the payment of, long-term debt principal and interest other than that which it is issued for and serviced primarily by an enterprise or similar trust fund A debt service fund is necessary only if it is legally required or if resources are being accumulated for future payment Although governments may incur a wide variety of debt, the more common types are described below Term (or sinking fund) bonds are being replaced by serial bonds as the predominant form of state and local government debt For term bonds, debt service consists of annual additions of resources being made to a cumulative investment fund for repayment of the issue at maturity The additions, also called sinking fund installments, are computed on an actuarial basis, which includes assumptions that certain rates of interest will be earned from investing the resources accumulating in the investment fund If the actual earnings are less than the planned earnings, subsequent additions are increased; if the earnings are greater than planned, the excess is carried forward until the time of the nal addition of the fund Because term bond principal is due at the end of the bond s term, the expenditure for repayment of principal is recognized at that time Debt service on serial bonds, however, generally consists of preestablished principal payments that are due on an annual basis and interest payments based on either xed or variable rates that are due on a semiannual basis No sinking fund is involved in the repayment of serial bonds The revenues for a debt service fund come from one or more sources, with property taxes being the predominant source Taxes that are speci ed for debt service appear as a revenue of the debt
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