QUESTION 19

The City of Fox is evaluating which of its funds it will present as a major fund in its fund financial statements on December 31, Year 1. The city presents the following partial listing of asset data at December 31, Year 1:

Total Governmental Fund Type.Assets$ 3,000,000

Total Enterprise FundAssets2,000,000

General FundAssets280,000

Community Development Special Revenue Fund 290,000

Sales Tax Special Revenue Fund 350,000

Faberville River Bridge Capital ProjectFund100,000

Faberville Water & Sewer Utility Fund1,800,000

FabervilleLandfill200,000

Based purely on assets, how many funds should be displayed as major funds?

1. Four
2. Five
3. Six
4. Three