Current through Register Vol. 63, No. 9, September 1, 2024
(1)
For the purpose of this rule "fund" means a fiscal and accounting entity with
self-balancing accounts to record cash and other financial resources, related
liabilities, balances and changes, all segregated for specific, regulated
activities and objectives.
(2)
Municipal corporations organized and operated on a fund accounting system shall
prepare estimates of expenditures for the ensuing year using the following
types of funds:
(a) The General Fund - To
account for all financial resources except those required to be accounted for
in another fund.
(b) Special
Revenue Funds - To account for the proceeds of specific revenue sources (other
than special assessments, expendable trusts, or for major capital projects)
that are legally restricted to expenditure for specific purposes. Funds as
defined in ORS 294.311(39) and
280.040(2) are
examples of special revenue funds.
(c) Capital Projects Funds - To account for
financial resources to be used for the acquisition or construction of major
capital facilities (other than those financed by Proprietary Funds, Special
Assessment Funds and Trust Funds).
(d) Debt Service Funds - To account for the
accumulation of resources for, and the payment of, general long-term debt
principal and interest.
(e)
Special Assessment Funds - To account for the financing of public improvements
or services deemed to benefit the properties against which special assessments
are levied.
(f) Enterprise Funds -
To account for operations:
(A) That are
financed and operated in a manner similar to private business enterprises -
where the intent of the governing body is that the costs (expenses, including
depreciation) of providing goods or services to the general public on a
continuing basis be financed or recovered primarily through user charges; or
(B) Where the governing body has
decided that periodic determination of revenues earned, expenses incurred,
and/or net income is appropriate for capital maintenance, public policy,
management control, accountability, or other purposes.
(g) Internal Service Funds - To account for
the financing of goods or services provided by one department or agency to
other departments or agencies of the governmental unit, or to other
governmental units, on a cost-reimbursement basis.
(h) Trust and Agency Funds - To account for
assets held by a governmental unit in a trustee capacity or as an agent for
individuals, private organizations, other governmental units, and/or other
funds. These include:
(A) Expendable Trust
Funds;
(B) Nonexpendable Trust
Funds;
(C) Pension Trust Funds;
and
(D) Agency Funds.
(3) Estimates of
expenditures and resources are not required to be budgeted if the following
three criteria are met:
(a) The municipal
corporation holds the resources merely for safekeeping;
(b) Expenditure of the resources is not under
the control of the municipal corporation or a third party chosen by the
municipal corporation; and
(c) The
resources are expended for a purpose other than that for which the municipal
corporation levies a tax or expends funds.
(4) Estimates of expenditures and resources
are not budgeted if the criteria of ORS
294.361(3) and
294.338(2) are
met.
(5) It is the intention of
this administrative rule to adopt governmental fund definitions that are
recognized as generally accepted governmental accounting principles.
Stat. Auth.: ORS
305.100
Stats. Implemented: ORS
294.388
