Question
Big City (a local governmental unit) performs the following functions through the collection of earned income tax and property taxes: Salaries for a police force
Big City (a local governmental unit) performs the following functions through the collection of earned income tax and property taxes:
Salaries for a police force | ||
Pays the fire department | ||
Maintains the local road infrastructure | ||
Supports the city library |
The city maintains a pension trust for the police and fire department.
Through the collection of memberships and daily entrance fees, Big City maintains the city swimming pool. At the pool, it employs lifeguards, purchases chemicals, and runs a snack bar. The profit from the pool is funneled back into supporting the police and fire company.
Big City also maintains the city water and sewer, charging customers by usage each quarter.
Recently Big City floated a bond to fund the construction of a new fire company building.
Answer the following questions about Big Citys fund structure based on the information provided. Click the indicated cell in each row of the table below to choose the correct fund for each question from the menu provided. Choices can be used more than once or not at all.
Capital projects fund
debt service fund
enterprise fund
fiduciary fund
general fund
govermental fund
internal service fund
permanent fund
proprietary fund
special revenue fund
1. | Income and property tax revenues would be deposited into this fund. | |
2. | What is the general type (not the specific name) of fund used to pay the police department? | |
3. | This type of fund would be used to account for the Big Citys business-type activities. | |
4. | Which specific type of fund would be used to account for the sewer and water revenue and expenses? | |
5. | The operation of the fire department would be accounted for as which general type (not specific name) of fund? | |
6. | What is the specific name of the fund used to account for the construction of the fire department building? | |
7. | The city swimming pool operation would be accounted for in which specific type of fund? | |
8. | The police and fire pension would be accounted for in which type of fund? | |
9. | If Big City had received a grant (the principal of which could not be used, but the interest was required to be used to benefit Big Citys residents), which type of fund would contain its financial information? |
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