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7.1.A. - Page 64 , <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2014 <br /> NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br /> C. Major Funds <br /> GASB Statement No. 34 defines major funds and requires that the City's major governmental and <br /> business -type funds be identified and presented separately in the fund financial statements. All other <br /> funds, called non -major funds, are combined and reported in a single column, regardless of their fund - <br /> type. <br /> Major funds are defined as funds that have assets, liabilities, revenues, or expenditures /expenses equal <br /> to ten percent of their fund -type total and five percent of the grand total. The general fund is always a <br /> major fund. The City may also select other funds it believes should be presented as major funds. <br /> The City reported the following major governmental funds in the accompanying financial statements: <br /> General fund is to account for all financial resources except those to be accounted for in another fund. <br /> It is the general operating fund of the City. <br /> Housing Legal Aid Society fund is to account for revenues previously deposited in the former <br /> redevelopment agency low and moderate income housing fund pursuant to an agreement with the <br /> Legal Aid Society. <br /> Capital outlay fund is to account for all miscellaneous capital improvement projects that are financed by <br /> the general fund. <br /> The City reported all of its enterprise funds except the Docktown Marina Fund as major funds in the <br /> accompanying financial statements: <br /> Water utility fund is to account for the provision of water services to the residents of Redwood City. <br /> Sewer utility fund is to account for the provision of sewer services to the residents of Redwood City. <br /> Parking fund is to account for on- street and off - street parking operations within the boundaries of the <br /> central business district of the City. <br /> Port of Redwood City (Port fund) is to account for Port activities within the Port Department including, <br /> but not limited to, administration, maintenance and operations, and Port improvements. <br /> The City also reports the following fund types: <br /> Internal service funds - Internal service funds are used to account for costs of the City's equipment <br /> services, the City's insurance program, the costs of the City's telephone /communications and <br /> information technology services, maintenance and repair of buildings, custodial services, and employee <br /> benefits. These services are provided to departments and other governments on a cost - reimbursement <br /> basis. <br /> 36 <br />