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Description of Funds miiimmumm And Fund Types For accounting purposes, a state or local government is not treated as a single, integral entity. Rather, a government is viewed instead as a collection of smaller, separate entities known as "funds". The Governmental Accounting Standards Board's (GASB) Codification of Governmental Accounting and Financial Reporting Standards (Codification), Section 1300, defines a fund as: "A fiscal and accounting entity with a self - balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations." All of the funds used by a government must be classified into one of five "fund types". Three of these fund types are used to account for a state or local government's "governmental -type" activities and are known as Governmental Funds. Two of these fund types are used to account for a government's "business -type" activities and are known as Proprietary Funds. Governmental Funds Three fund types are used to account for governmental -type activities. These are the general fund, special revenue funds and capital projects funds. General Fund — The General Fund is used to account for most of the day-to-day operations of the City that are financed from sales tax, property taxes, and other general revenues. Activities financed by the General Fund include those of line and staff departments within the City except for activities of the Enterprise Funds. There can be only one general fund. Special Revenue Funds — Special Revenue Funds are used to account for revenues derived from specific taxes or other earmarked revenue sources that, by law, are designated to finance particular functions or activities of government and which therefore cannot be diverted to other uses. 29 The City has the following Special Revenue Funds: Northwest Parkway Fund The Northwest Parkway Fund was established in 2002 to account for the revenues received from the Northwest Parkway Authority and expenditures associated with the construction of the Northwest Parkway. Parking Improvement Fund This fund was created in 2000 to track the downtown parking fee of $10,500 per parking space established through Ordinance No. 1341. This fee is to be used for the purchase or lease of real and personal property for the construction, improvement, or provision of additional on -street and off-street public parking space to serve Downtown Louisville and other improvements associated with downtown parking. Cemetery Perpetual Care Fund This fund was created in 1974 through Ordinance #436. Fees derived from the sale of lots are collected and restricted for the "cemetery perpetual care fund". The interest derived from this fund is transferred to the General Fund for the operations and maintenance of caring for the lots. McCaslin Interchange Improvement Fund This fund was created in 1998 as the result of an intergovernmental agreement with the Town of Superior to improve the McCaslin and Highway 36 Interchange. This fund is to identify and account for the funding to be used for the improvements. The funding is derived from certain developer contributions, charged to businesses in Centennial Valley that will benefit from these future improvements. Conservation Trust — Land Acquisition Fund On November 2, 1993 Louisville voters approved a temporary sales and use tax increase of 3/8% for ten years, beginning January 1, 1994. Revenues from the increase are used exclusively for the acquisition of land in and around Louisville for open space buffer zones, trails, wildlife habitats, wetlands preservation and future parks. The original Conservation Trust Fund was divided into