Problem I. Identification of Major Funds

Following are some of the countys governmental funds. The county has asked you to determine is any of the funds listed should be classified as major funds based on the GASB size criteria.

General Fund Special Debt Service Total of all Total of all

Revenue Fund Fund Governmental Governmental &

Funds Enterprise Funds

Assets 12,000,000 1,000,000 500,000 15,000,000 21,000,000

Liabilities 3,000,000 250,000 30,000 4,580,000 5,890,000

Revenues 10,000,000 600,000 1,450,000 13,770,000 17,123,000

Expenditures/

Expenses 9,859,000 725,000 1,300,000 13,460,000 16,665,000

Clearly indicate which fund(s) you believe should be classified as major. Provide all calculations and write out your decision-making for your choice(s).