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6.1.D. - Page 50 <br />GOVERNMENTAL FUND FINANCIAL STATEMENTS <br />Major funds are defined generally as having significant activities or balances in the current year. No <br />distinction is made between fund types. The governmental funds described below were determined to <br />be major funds by the City in fiscal year 2015-16. <br />GENERAL FUND <br />The general fund is the general operating fund of the City. It is used to account for all financial <br />resources except those to be accounted for in another fund. <br />CAPITAL OUTLAY FUND <br />This fund accounts for all miscellaneous capital improvement projects that are financed by the general <br />fund. <br />23 <br />