The City of Springfield groups funds into two broad fund categories: Governmental Funds Proprietary Funds
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1 City Fund Types The City of Springfield groups funds into two broad fund categories: Governmental Funds Proprietary Funds Funds are further categorized into six generic fund types: Debt Service Funds Capital Project Funds Enterprise Funds and Internal Service Funds. Governmental Fund Category Governmental Funds are those through which most governmental functions of the City are financed and include the Debt Service Funds and Capital Project Funds. The financial measurement focus for governmental funds is on the determination of the change in spendable financial resources, rather than upon determination of net income. The General Fund serves as the primary reporting vehicle for current government operations. The General Fund, by definition, accounts for all current financial resources not required by law or administrative action to be accounted for in another fund. General Fund Accounts for the general operations of the City including Library, Police, Fire, Public Works, Municipal Court, Planning, and General Administrative business support activities. Special revenue funds account for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted to expenditure for specific purposes. Building Code Fund Accounts for the cost of building permit and inspection services, through the dedicated revenues generated in providing these services. As a result of Senate Bill 587, revenues from building permit fees are required to be used only for the administration and enforcement of the State Building Code.
2 Community Development Block Grant Fund (CDBG) Required by federal law to account for receipt and expenditure of Community Development Block Grant funds. Fire Local Option Levy Fund Accounts for the receipt of the local option levy passed in November, 2002 and effective for FY04 through FY07 to provide funding for enhanced fire services as well as houses the expenditures made for the increased services. Jail Operations Fund Established in FY08, the fund accounts for revenues and expenditures associated with the operations of the Springfield Jail. Police Local Option Levy Fund Accounts for the receipt of the local option levy passed in November, 2002 and effective for FY04 through FY07 to provide funding for enhanced police services as well as houses the expenditures made for the increased services. RiverBend Development Fund Established in FY03, this fund accounts for the revenues received and expenditures made on behalf of the long term project identified as the Riverbend Development Project. Special Revenue Fund Accounts for receipt of transient room taxes dedicated to the University of Oregon Hayward Field renovation, receipt of telephone tax dedicated to the 911 program and grant activities. Street Fund Required by state law for receipt and expenditure of state shared gas tax. One percent of gas tax is required to be spent on bicycle facilities. Transient Room Tax Fund Accounts for the receipt of transient room taxes, hotel and motel, and for expenditures that will enhance tourism. Debt Service Funds Debt service funds account for the accumulation of resources for, and the payment of, general long term debt principal and interest. Bancroft Redemption Fund Accounts for assessment bond debt service payments; supported by property owners principal and interest payments assessed in the past. Bond Sinking Fund Accounts for payments on City debt including general obligation bonds supported by property taxes. Regional Wastewater Debt Service Fund Established in FY08, this fund accounts for revenue bond payments supported by regional wastewater (MWMC) revenues. Capital Project Funds
3 Capital project funds account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds) Development Assessment Fund Accounts for the cost of local public improvements (supported by assessments to benefiting properties) to construct streets, storm sewers, sidewalks, street lighting, sewers and other public improvement projects. Development Projects Fund Accounts for the cost to construct streets, facilities and other public improvements; supported by system development charges, grants, contracts, and capital reserves. Projects funded by assessments are excluded from this fund and are accounted for in separate funds. Drainage Capital Project Fund Accounts for storm sewer (drainage) capital improvement costs supported by drainage system connection fees and by storm sewer user fees through transfers from the Drainage Operating Fund. G. O. Bond Capital Projects Fund Accounts for the cost of capital projects and improvements financed by general obligation (G.O.) bonds. A $12.7 million general obligation bond measure was passed by the voters on November 7, Police Building Bond Capital Project Fund To account for costs to construct a new municipal building to house the Police Department, Municipal Court, City Prosecutor and a city jail. Financing will be provided by issuance of debt. Regional Wastewater Revenue Bond Capital Projects Fund Established in FY08, this fund accounts for regional wastewater (MWMC) capital projects funded by MWMC revenue bond receipts. Regional Wastewater Capital Fund Accounts for regional sewer capital improvement costs supported by sewer user fees, through transfers from the Regional Wastewater Operation Fund, and proceeds of debt issuance. SDC Local Storm Improvement Fund Established in July, 2005 (FY06), this fund accounts for capacity-increasing public storm drainage improvements supported by system development charges. Financing SDC Local Wastewater Improvement Fund Established in July, 2005 (FY06), this fund accounts for local capacity-increasing public sanitary sewer improvements supported by system development charges. Financing is provided by charges paid by developers for new construction, as allowed by law.
4 SDC Local Wastewater Reimbursement Fund Established in July, 2005 (FY06), this fund accounts for public sanitary sewer improvements supported by reimbursement system development charges. Financing SDC Regional Wastewater Improvement Fund Established in July, 2005 (FY06), this fund accounts for regional (MWMC) capacityincreasing public sanitary sewer improvements supported by system development charges. Financing is provided by charges paid by developers for new construction, as allowed by law. SDC Regional Wastewater Reimbursement Fund Established in July, 2005 (FY06), this fund accounts for regional (MWMC) public sanitary sewer improvements supported by reimbursement system development charges. Financing is provided by charges paid by developers for new construction, as allowed by law. SDC Transportation Improvement Fund Established in July, 2005 (FY06), this fund accounts for local capacity-increasing public transportation improvements supported by system development charges. Financing is provided by charges paid by developers for new construction, as allowed by law. SDC Transportation Reimbursement Fund Established in July, 2005 (FY06), this fund accounts for public transportation improvements supported by reimbursement system development charges. Financing Sewer Capital Projects Fund Accounts for sewer capital improvement costs supported by sewer connection fees and by sewer user fees through transfers from the Sewer Operating Fund. Street Capital Fund Established as of July, 2002 (FY03), this fund accounts for transportation capital improvement costs. Costs are supported by transfers from the Street Operating Fund. Proprietary Fund Category Proprietary Funds are used to account for the City s ongoing activities which are similar to those often found in the private sector and include Enterprise Funds and Internal Service Funds. The focus of financial measurement for proprietary funds is on the determination of net income, financial position and changes in financial position.
5 Enterprise Funds Enterprise funds account for operations that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user changes. An enterprise program is managed much like a business in that it is self-supporting in nature. Ambulance Fund (formerly Emergency Medical Service Fund) Accounts for the cost of emergency medical services, ambulance and medic supported by user fees and subscription memberships in the FireMed Program. Booth-Kelly Fund Accounts for the cost of the improvements and operating expenses of the Booth-Kelly Center; program supported through grants and revenue generated by the leasing of commercial space to local industry. Drainage Operating Fund Accounts for operations and maintenance costs of the local public storm drainage system supported by local storm drainage fees. Regional Fiber Consortium Fund Accounts for the financial affairs of the Regional Fiber Consortium. The Regional Fiber Consortium is an intergovernmental entity which manages the operation costs of the Fiber Consortium; supported by membership dues and franchise fees. Regional Wastewater Fund Accounts for the financial affairs of the Metropolitan Wastewater Management Commission (MWMC). The MWMC is an intergovernmental entity which manages the construction, operations and maintenance costs of the regional sewer system; supported by grants and regional sewer user fees. Sewer Operations Fund Accounts for operations and maintenance costs of local sanitary and storm sewer systems supported by local sewer user fees. Internal Service Funds Internal service funds account for the financing of goods and services provided by one department to another department on a cost-reimbursement basis. Insurance Fund An internal service fund that accounts for risk management, property/casualty insurance premium, damage claim and employee benefit costs; supported by service charges to departmental operating budgets. Vehicle and Equipment Fund A sinking fund for the future replacement of vehicles and major equipment; supported by charges to departmental operating budgets. SDC Administration Fund Established in July, 2005 (FY06), this fund accounts for activities supporting setting methodologies for, calculation, planning and accounting for System Development Charges. Financing is provided by administrative fees charged on SDCs and administrative fees charged to SDC Capital Projects funds.
City Fund Types. Special Revenue Funds
City Fund Types The City of Springfield groups funds into two broad fund categories: Governmental, and Proprietary Fund Category. Funds are further categorized into six generic fund types: General Fund
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