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<br />GOVERNMENTAL FUND FINANCIAL STATEMENTS <br /> <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 /> <br />The governmental funds described below were determined to be major funds by the City in fiscal 2004. <br />Individual non-major funds may be found in the supplemental section. <br /> <br />GENERAL FUND <br /> <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 /> <br />CAPITAL OUTLAY FUND <br /> <br />This fund accounts for all miscellaneous capital improvement projects that are financed by the general <br />fund. <br /> <br />REDEVELOPMENT AGENCY FUND <br /> <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 /> <br />17 <br />