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<br />Major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding <br />extraordinary items) are at least 10 percent of corresponding totals for all governmental or <br />enterprise funds and at least 5 percent of the aggregate amount for all governmental and <br />enterprise funds. Any other fund may be reported as a major fund if the government's officials <br />believe that fund is particularly important to financial statement users. Non-major funds should <br />be reported in the aggregate in a separate column. Internal service funds also should be reported <br />in the aggregate in a separate column on the proprietary fund statements. <br /> <br />Special Revenue Fund Evaluation <br />Pless presented a report showing all Special Revenue funds (100 <br />fund types) for the period ended December 31, 2015 which are <br />funds that are used to account for and report the proceeds of <br />specific revenue sources that are restricted or committed to <br />expenditure for specified purposes other than debt service or <br />capital projects. As per Governmental Accounting Standards <br />Board (GASB) 54 the term proceeds of specific revenue sources <br />establishes that one or more specific restricted or committed <br />revenues should be foundation for a special revenue fund. They <br />should be expected to continue to comprise a substantial portion <br />of the inflows reported in the fund. GASB Statement 54 has not <br />provided a numeric range for substantial portion of inflows; the <br />State Auditor recommended that at least 20 percent is a <br />reasonable limit for reporting a special revenue fund. Local <br />governments need to consider factors such as past resource <br />history, future resource expectations and unusual current year <br />inflows such as debt proceeds in their analysis. The calculation <br />below to determine whether an activity would qualify for <br />reporting as a special revenue fund. <br />Substantial portion of inflows = (restricted revenues + committed revenues) <br /> Total resources* reported in the fund *Total resources would include all revenues and other financing sources. <br /> <br />This information has been analyzed by County Auditor Jerry <br />Pettit and Budget and Finance Manager Judy Pless and has <br />determined all Special Revenue funds should be reported <br />individually. There is a note on fund 113 Recreation as the <br />percentage of restricted/committed revenues divided by total <br />resources is 5 percent, which falls below the recommended 20 <br />percent. However, there is scheduled rent coming into this fund <br />from the General Fund for the building at the Vantage boat ramp <br />in the amount of $6,750. If this amount was added to the <br />existing numbers the percentage would increase to 31 percent.