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GOVERNMENTAL FUND FINANCIAL STATEMENTS <br /> GASB 34 revises the format of the Fund Financial Statements so that only individual major funds are <br /> presented, while non-major funds are combined in a single column. Major funds are defined generally as <br /> having significant activities or balances in the current year. No distinction is made between fund types <br /> and the practice of combining like funds and presenting their totals in separate columns (combined <br /> financial statements) has been discontinued, along with the use of the general fixed assets and general <br /> long-term debt groups of accounts. <br /> The governmental funds described below were determined to be major funds by the City in fiscal year <br /> 2006/07. <br /> GENERAL FUND <br /> The general fund is the general operating fund of the City. It is used to account for all financial resources <br /> 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 /> REDEVELOPMENT AGENCY FUND <br /> This fund accounts for funds to be provided by loans and/or property tax increment from specific <br /> redevelopment areas for redevelopment projects within those areas. <br /> 19 <br />