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M.V. ORDINANCE NOe 87-21 <br />Page -2- <br />Section 3. The funds of Mayfield Village will be combined <br />according to a determination of which of the eight (8) generic funds <br />types the particular fund fits. The following generic fund types are <br />classified as governmental fund types: <br />A. The General Fund is used to account for all resources <br />not required to be accounted for in another fund. The majority <br />of the Village financial transactions are reported in this <br />fund. There will be only one General Fund. <br />B. Special Revenue Funds are used to account for <br />resources which are legally or administratively restricted <br />for specific purposes. <br />C. Capital Projects Funds are used to account for <br />financial resources to be used for the acquisition or <br />construction of major capital facilities other than those <br />financed by Proprietary Funds, Special Assessment Funds <br />and Trust Funds. <br />D. Debt Service Funds are used to account for resources <br />used to repay the principal and interest on general purpose <br />long-term debt and related costs. <br />E. Special Assessment Funds are used to account for <br />the financing of public improvements against which special <br />assessments will be levied. <br />The following generic fund types are classified as <br />Proprietary Fund Types: <br />A. Enterprise Func3s account for operations (a) that are <br />financed and operated in a manner similar to private business <br />enterprises where the intent of the Village is that the costs <br />(expenses, including depreciation) of providing goods or <br />services to the general public on a continuing basis be <br />financed or recovered primarily through user charges; or <br />(b) where the governing body has decided that periodic <br />determination of revenues earned, expenses incurred and/or <br />net income is appropriate for capital maintenance, public <br />policy, management control, accountability or other purposes. <br />B. Internal Service Funds account for the financing of <br />goods or services providecl by one department or agency to <br />other department or agencies of the Village, or to other <br />governmental units on a cost reimbursement basis. <br />The following generic fund types are classified as Fiduciary <br />Fund Typesa <br />A. Trust and Agency Funds account for assets held by <br />the Village in a trustee capacity or as an agent for individuals, <br />private organizations, other governmental units and/or other <br />funds. These include: (1) Agency Funds are used as holding