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1991 036 Ordinance
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1991 036 Ordinance
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Last modified
11/19/2018 4:06:06 PM
Creation date
9/5/2018 9:01:09 AM
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Template:
Legislation-Meeting Minutes
Document Type
Ordinance
Number
036
Date
8/19/1991
Year
1991
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M.V. ORDINANCE NO. 91- 36 <br />Page 2 <br />SECTION 2. For purposes of this Ordinance when a fund <br />has been established the type of fund will be determined based <br />upon the following categories: <br />A. Government Ftands are used to account for general <br />government operations. <br />B. Proprietary Funds are used to account for a <br />government's activities that are similar to the <br />commercial sector. <br />C. Fiduciary Funds are used to account for assets held by <br />a government in a trustee or agent capacity. <br />D. Account Groups are special classification used to <br />account for the general fixed assets purchased by <br />governmental gund types and general long term debt <br />incurred by most governmental fund types. <br />SECTYORI 3e The funds of Mayfield Village will be <br />combined according to a determination of which of the seven (7) <br />generic funds types the particular fund fits. The following <br />generic fund types are 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 <br />majority of the Village financial transactions are <br />reported in this fund. There will be only one General <br />Fund. <br />B. Special Revenue Funds are used to account for resources <br />which are legally or administratively restricted for <br />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 <br />those financed by Proprietary Funds and Trust Fundse <br />D. Debt Service Funds are used to account for resources <br />used to repay the principal and interest on general <br />purpose long-term debt and related costs. <br />The following generic fund types are classified as <br />Proprietary Fund Types:
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