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6.1.F. - Page 49 <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 2011/12. <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 /> HOUSING LEGAL AID$OCIETY FUND <br /> This fund accounts for revenues previously deposited in the former redevelopment agency low and <br /> moderate income housing fund pursuant to an agreement with the Legal Aid Society to set aside general <br /> tax increment revenue for housing purposes. After the February 1, 2012 dissolution of the <br /> redevelopment agency,this fund was created to account for this accumulated balance. <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 accounted for funds to be provided by loans and/or property tax increment from specific <br /> redevelopment areas for redevelopment projects within those areas. As of February 1, 2012, the <br /> redevelopment agency was dissolved, and assets, liabilities, and fund balance were transferred to a <br /> private purpose trust fund. <br /> LOW AND MODERATE INCOME HOUSING FUND <br /> This fund accounted for redevelopment property tax increment revenues which were used strictly for <br /> low and moderate income housing. As of February 1, 2012, the redevelopment agency was dissolved, <br /> and obligated amounts were transferred to the low and moderate income housing asset fund, and <br /> remaining balances were transferred to a private purpose trust fund. <br /> 21 <br />