Budgets are adopted on a basis consistent with generally accepted accounting principles (“GAAP”). Governmental and Fiduciary Funds utilize the modified accrual basis of accounting under which revenues and related assets are recorded when measurable and available to finance operations during the year.  Proprietary Funds use the accrual basis of accounting which recognizes revenues when earned and expenses when incurred. Annual operating budges are adopted for all Governmental Funds except for the Capital Projects Fund in which effective budgetary control is achieved on a project-by-project basis when funding sources become available. All appropriations lapse at year-end, except those for the Capital projects Fund. It is the intention of the Board of Supervisors that appropriations for capital projects continue until completion of the project.

 

 

CAPITAL IMPROVEMENT PROGRAM MANUAL FY 2015-2019

 

15 CITY-COUNTY COMPARISON SEPTEMBER 2013 

 

 

General Fund – The General Fund accounts for all revenue and expenditures of the County which are not accounted for in the other funds. Revenues are primarily derived from general property taxes, local sales taxes, license and permit fees, and revenues received from the State for educational purposes. A significant part of General Fund revenues is used to maintain and operate the general government, however, a portion is also transferred to other funds principally to fund debt service requirements and capital projects. Expenditures include, among other things, those for general government, education, public safety, highways and streets, welfare, culture, and recreation.

 

Special Revenue Funds – These funds account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. these funds account for the resources obtained and used relating to State and Federal Grants, Mental health and Mental Retardation programs, the Utility Department’s Solid Waste and Stree Light operations and the School Cafeteria.

 

Debt Service Fund – Accounts for the accumulation of financial resources for the payment of interest and principal on all governmental fund long-term debt except for accrued compensated absences and capital lease obligations which are paid by the fund incurring such expenditures. Debt Service Fund resources are derived from transfers from the General Fund and Special Revenue Funds.

 

Capital Projects Fund – Accounts for all general government and school system capital projects which are financed through a combination of proceeds from general obligation bonds and operating transfers from the General Fund.

 

Enterprise Funds – Account for the operation, maintenance and construction of the County-owned water and waste water (sewer) utility, and te County-owned golf course.

 

Internal Service Fund – Accounts for the financing of goods or services provided by one department to other departments of the government on a cost-reimbursement basis. The internal Service Fund budgets for the County’s Central Automotive Maintenance operations and the technology Replacement Fund. Resources for these funds come from interdepartmental charges.

 

Fiduciary Fund – Fiduciary funds are used if the government has a fiduciary or custodial responsibility for assets.

 

Agency Fund – The Agency Fund accounts for assets held by the County for the James River Juvenile Detention Commission. All revenue and expenditures related to operations are accounted for in separate sub-funds, operating, debt, and capital. Resources for operations are primarily derived from a transfer from the General Fund and payments from the State and other localities.