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City of Redwood City 6.1.D. - Page 63 <br />Notes to the Basic Financial Statements <br />For the fiscal year ended June 30, 2016 <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. It <br />is the general operating fund of the City. <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 utilitv fund is to account for the provision of water services to the residents of Redwood City. <br />Sewer utilitv fund is to account for the provision of sewer services to the residents of Redwood City. <br />Parkiniz 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 Citv (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 information <br />technology services, maintenance and repair of buildings, custodial services, and employee benefits. <br />These services are provided to departments and other governments on a cost -reimbursement basis. <br />36 <br />