Special Revenue Fund Examples
Special revenue fund purpose account for revenues and expenditures that are legally restricted or committed for specific purposes other than debt service or capital projects.
Special revenue fund examples. Start studying ch 3. Special revenue funds. It usually comes from a tax on citizens but the funds raised from the tax are either earmarked for a single government project or are directed to a single department. The general fund and special revenue funds author.
Special revenue fund srf revenue used for specified purpose authorized. Special revenue funds account for the proceeds of specific revenue sources other than trusts for individuals private organizations or other governments or for major capital projects that are legally restricted to expenditures for specific purposes. 2 25 2009 9 25 01 pm. Entire fund can be spent on where it is restricted or committed to.
This section describes the revenue sources of the city s special revenue funds. Special revenue funds provide an extra level of accountability and. A special revenue fund is an account established by a government to collect money that must be used for a specific project. A special revenue fund is a fund used within a government entity to record the proceeds from certain revenue sources for which fund usage is restricted.
The city s special revenue funds are used to account for revenue from specific sources that by law must be used to finance specific functions such as road repair snow removal libraries 911 services and special events and tourism promotion. The steps are the rules that a special revenue fund needs to follow. The special revenue fund can be processed and achieved by following certain stepwise methods that can maintain transparency and complete the project. Learn vocabulary terms and more with flashcards games and other study tools.
A brief description of each fund follows. Examples of special revenue funds are those used for the funding of parks libraries schools and wastewater management. A special revenue fund is a fund created by a local government that is used specifically for only one purpose. 3 governmental funds review.