Major Fund Tests
The City of Somerset has the following fund information:
Fund | Assets | Liabilities | Revenues | Expenditures (Expenses) |
General | $1,320,400 | $ 878,300 | $4,620,000 | $4,550,000 |
Special revenue | 27,000 | 19,000 | 327,000 | 328,000 |
Capital project—library | 450,000 | 38,000 | 460,000 | 418,000 |
Capital project—arena | 28,000 | 16,000 | 41,000 | 55,800 |
Debt service | 41,000 | -0- | 331,000 | 290,000 |
Permanent | 246,000 | -0- | 11,000 | 18,000 |
Enterprise—electric | 2,640,000 | 1,800,700 | 289,000 | 245,000 |
Enterprise—water | 1,356,000 | 1,100,000 | 329,000 | 298,000 |
Required
Apply the criteria specified in GASB 34 to determine which of these funds meets the major fund reporting criteria.
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