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6.1 B Page 54 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED� C. Major Funds GASB Statement No. 34 defines major funds and requires that the City's major governmental and business-type funds be identified and presented separately in the fund financial statements. All other funds, called non-major funds, are combined and reported in a single column, regardless of their fund- type. Major funds are defined as funds that have assets, liabilities, revenues, or expenditures/expenses equal to ten percent of their fund-type total and five percent of the grand total. The general fund is always a , major fund. The City may also select other funds it believes should be presented as major funds. The Cit re orted the followin ma'or overnmental funds in the accom an in financial statements: Y p 6 J g p Y g General fund is to account for all financial resources except those to be accounted for in another fund. It is the general operating fund of the City. Capital outlav fund is to account for all miscellaneous capital improvement projects that are financed by the general fund. Redevelopment A�encv fund accounts for funds to be provided by loans and/or property tax increment from specific redevelopment areas for redevelopment projects within those areas. Low and Moderate Income Housin� Fund accounts for redevelopment property tax increment revenues which may be used strictly for low and moderate income housing. The City reported all its enterprise funds as major funds in the accompanying financial statements: Water utilitv fund is to account for the provision of water services to the residents of Redwood City. Sewer utilitv fund is to account for the provision of sewer services to the residents of Redwood City. Parkin� fund is to account for on-street and off-street parking operations within the boundaries of the central business district of the City. Port of Redwood Citv (Port fund) is to account for Port activities within the Port Department including, but not limited to, administration, maintenance and operations, and Port improvements. The City also reports the following fund types: Internal Service Funds - Internal service funds are used to account for costs of the City's equipment services, the City's insurance program, the costs of the City's telephone/communications and information technology services, maintenance and repair of buildings, custodial services, and delivery service, and employee benefits. These services are provided to departments and other governments on a cost-reimbursement basis. Fiduciarv Funds - These funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds. The City maintains three funds - Employee Benefit Plans Fund, Pacific Shores Community Facilities District Fund, and the Shores Transportation Improvement District Fund - as an agent of the bondholders or City employees. 31