7410 LEGAL/BUDGETARY BASIS
(New 09/02)
Governmental Cost Funds
These funds are used to account for moneys that are derived from general and special taxes, licenses, fees, or other revenue sources to provide financing for State activities that are the general purpose of State government.
- General Fund: the main operating fund of the State. It accounts for transactions related to resources obtained and used for those purposes that are not required to be accounted for in any other fund.
- Special Funds: these funds account for transactions related to dedicated revenue sources (other than expendable trusts or capital projects) that are legally restricted for specific purposes.
Nongovernmental Cost Funds
These funds are used to record and report activities from sources other than general and special taxes, licenses, and fees.
- Bond Funds: these funds are used for the receipt and disbursement of general obligation bond proceeds. These funds do not account for the debt retirement since the liability created by the sale of general obligation bonds is not a liability of bond funds. Depending on the provisions of the bond act, either the General Fund or a sinking fund pays the principal of, and interest on, the general obligation bonds. The proceeds and debt of bonds to be paid by a particular fund (e.g. revenue bonds) are deposited and reported in that fund.
- Federal Funds: these funds are used to account for any income received directly from the federal government and the program expenditures associated with it.
- All Other Non-Governmental Cost Funds: this category includes: Trust and Agency Funds – Non-Federal, Retirement Funds, Unallocated Non-Governmental Cost Funds, Public Service Enterprise Funds, Working Capital and Revolving Funds, and various unclassified funds.
