Major Funds

Olean County uses the following capital projects funds for acquisition or construction of capital facilities:

Capital Projects Fund	Assets	Liabilities	Revenues	Expenditures
Buildings, equipment and improvements	$40,000	$25,000	$190,000	$180,000
Highways, roads, bridges and equipment	55,000	40,000	220,000	150,000
Olean County Medical Center	30,000	32,000	260,000	240,000

Total balances for governmental, enterprise, internal service, and fiduciary funds are:

Governmental funds	$500,000	$460,000	$2,000,000	$1,890,000
Enterprise funds	200,000	120,000	3,500,000	2,710,000
Internal service funds	45,000	42,000	320,000	300,000
Fiduciary funds	410,000	390,000	1,200,000	1,050,000

Required

Which of the capital projects funds, if any, are reported as major funds in Olean Countys CAFR? Show calculations clearly.

Element		Total for Governmental Funds	10% Test	Total for Governmental and Enterprise Funds	5% Test
Assets		$Answer	Answer	Answer	Answer
Liabilities		$Answer	Answer	Answer	Answer
Revenues		$Answer	Answer	Answer	Answer
Expenses/expenditures		$Answer	Answer	Answer	Answer

Which funds would be reported separately as a major fund?

1. Buildings, equipment, and improvements

2. Highways, roads, bridges and equipment

3. Olean County Medical Center

1. only

2. only

3. only

both 1. and 3.

both 2. and 3.