Section 1072 - Standard FundsBy definition the General Fund is created to account for all transactions of the operator, and, except as noted below, should be so used. It is defined as: A fund that is available for any authorized purpose and which is therefore used to account for all revenues and all expenditures not provided for in other funds.
If bond indentures, State law, governmental grant requirements, contractual agreements or action of the governing body require separate funds for restricted resources, the following classes of funds are recognized:
(a) Special Revenue. A fund used to finance particular activities from the receipts of specific taxes or other revenues.(b) Debt Service. A fund used to account for revenues appropriated for the periodic payment of interest, and the principal of matured long-term debt.(c) Sinking. A fund established by periodic contributions and earnings thereon to provide for retirement of bond principal.(d) Capital Projects. A fund used to account for the proceeds from the sale of bond issues or other long-term borrowings restricted for capital outlay.(e) Accumulative Capital Outlay. A fund used to account for the accumulation of revenues restricted for capital outlay under Section 53731, Government Code.(f) Special Assessment. A fund used to account for assessments levied against certain properties to defray the cost of improvements or services presumed to be of special benefit to the property owners.(g) Internal Service. A fund which accounts for services furnished by the operator and which is financed primarily by charges for such services.(h) Trust and Agency. A fund used to account for money or other property received by the operator in the capacity of trustee or agent.Cal. Code Regs. Tit. 2, § 1072
1. Amendment filed 8-12-80; effective thirtieth day thereafter (Register 80, No. 33). Note: Authority cited and Reference: Section 53891, Government Code and Section 99243, Public Utilities Code.
1. Amendment filed 8-12-80; effective thirtieth day thereafter (Register 80, No. 33).