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M.V. ORDINANCE NO. 91- 36 <br />Page 3 <br />A. Enterprise Funds account for operations (a) that are <br />financed and operated in a manner similar to private <br />business enterprises where the intent of the Village is <br />that the costs (expenses, including depreciation) of <br />providing goods or services to the general public on a <br />continuing basis be financed or recovered primarily <br />through user charges; or (b) where the governing body <br />has decided that periodic determination of revenues <br />earned, expenses incurred and/or net income is <br />appropriate for capital maintenance, public policy, <br />management control, accountability or other purposes. <br />B. Internal Service Funds account for the financing of <br />goods or services provided by one department or agency <br />to other department or agencies of the Village, or to <br />other governmental units on a cost reimbursement basis. <br />The following generic fund types are classified as Fiduciary <br />Fund Types: <br />A. Trust and Agency Funds account for assets held by the <br />Village in a trustee capacity or as an agent for <br />individuals, private organizations, other governmental <br />units and/or other funds. These include: (1) Agency <br />Funds are used as holding accounts for assets belonging <br />to someone other than the Village. (2) Pension Trust <br />Funds are used to account for those governments <br />maintaining their own pension plans. (3) Expendable <br />Trust Funds account for assets held by the reporting <br />government that have been provided to the government <br />through a trust agreement. In this fund both the <br />principal and the earning on the principal may be <br />expended in accordance with applicable trust <br />agreements. (4) Non-expendable Trust Funds are similar <br />to Expendable Trust Funds except only the earnings and <br />not the principal may be expended. <br />Each individual fund that the Village maintains will be <br />classified within one of the three fund categories and within one <br />of the seven (7) generic fund types. <br />SECTION 4. For purposes of this Ordinance the following <br />are classified as Account Groups: <br />A. The General Fixed Asset Account Group and General Long- <br />Term Obligations Account Group are two self-balancing <br />accounts to make a clear distinction between fixed