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The City of Somerset has the following fund information: Fund Assets Liabilities Revenues Expenditures (Expenses) General $ 1,325,400 $ 893,300 $ 4,628,000 $ 4,559,000 Special
The City of Somerset has the following fund information:
Fund | Assets | Liabilities | Revenues | Expenditures (Expenses) |
---|---|---|---|---|
General | $ 1,325,400 | $ 893,300 | $ 4,628,000 | $ 4,559,000 |
Special revenue | 27,300 | 20,500 | 344,000 | 345,000 |
Capital projectlibrary | 456,500 | 39,800 | 462,000 | 423,500 |
Capital projectarena | 28,300 | 17,500 | 41,900 | 57,600 |
Debt service | 42,300 | 0 | 341,500 | 297,000 |
Permanent | 252,000 | 0 | 12,100 | 18,400 |
Enterpriseelectric | 1,371,000 | 1,820,700 | 290,000 | 250,000 |
Enterprisewater | 1,371,000 | 1,114,000 | 334,000 | 307,000 |
Required:
Apply the criteria specified in GASB 34 to determine which of these funds meets the major fund reporting
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