(A) The following funds may be established and shall be used as necessary to provide for the proper accounting of all financial activities of the city.
(1) The General Fund to account for the general govern-mental operations and all financial transactions not properly accounted for in another fund.
(2) Special revenue funds to account for the proceeds of special revenue sources, other than special assessments, or to finance specified activities as required by law or administrative regulation.
(3) Debt service funds to account for the payment of interest and principal on long-term debts other than special assessment and revenue bonds.
(4) Capital projects funds to account for the receipt and disbursement of monies, including bond funds used for the acquisition of capital facilities other than those financed by special assessment and enterprise funds.
(5) Enterprise funds to account for the financing of services to the general public where all or most of the costs involved are paid in the form of charges by users of the services.
(6) Trust and agency funds to account for assets held by a government unit or trustee or agent for individuals, private organizations, and other governmental units.
(7) Internal service funds to account for the financing of special activities and services performed by a designated organization unit within a governmental jurisdiction for other organization units within the same governmental jurisdiction.
(8) Special assessment funds to account for special assessments levied to finance public improvements or services deemed to benefit the properties against which the assessments are levied.
(B) Additional accounts, as follows, shall be maintained.
(1) A fixed asset account for the purpose of accounting for those assets which are of tangible nature, have a life longer than one fiscal year, and have a value greater than $50. General fixed assets shall be recorded at original cost, shall not be depreciated, and shall be removed from the account when disposed of. Enterprise funds fixed assets may be depreciated.
(2) A long-term debt account for the purpose of accounting for a long-term debt and for recording and fairly representing the liability for a long-term debt at any time from the date of issuance until the debt is retired.
('83 Code, § 34.09) (Ord. O-7-82, passed 3-15-82)