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I <br /> Fund Financial Statements <br /> A fund is a grouping of related accounts that is used to maintain control over resources that have been set aside for specific <br /> activities or purposes.The Town of Palisade uses fund accounting to ensure and demonstrate compliance with finance-related legal <br /> requirements.All of the Town's funds can be categorized into three fund types:governmental,proprietary,and fiduciary funds. <br /> Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental <br /> ' activities in the government-wide financial statements.However,governmental fund financial statements focus on near-term flows <br /> of spendable resources, as well as on balances of spendable resources available at the end of the year. This information is helpful <br /> in evaluating the Town's near-term financing requirements. <br /> Because the focus of the governmental funds is narrower than that of the government-wide fmancial statements, it is useful to <br /> compare the information presented for governmental funds with similar information presented for governmental activities in the <br /> government-wide financial statements, as readers may better understand the impact of the town's near-term financing decisions. <br /> ' Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund <br /> balances provide a reconciliation to facilitate this comparison. <br /> The Town of Palisade maintains one governmental fund. Information is presented separately in the governmental fund balance <br /> sheet and the governmental fund statement of revenues, expenditures and changes in fund balance for the General Fund which is <br /> considered to be a major fund. <br /> 1 Proprietary Funds. The Town of Palisade maintains two proprietary funds. Enterprise funds are used to report the same <br /> functions presented as business-type activities in the government-wide financial statements. The town uses the enterprise funds to <br /> account for the water, sewer and refuse. The enterprise funds financial statements provide separate information for the water, <br /> sewer,and refuse,which are considered to be major funds of the Town. <br /> Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. <br /> Fiduciary funds are not included in the government-wide financial statements because the resources of these funds are not <br /> 1 available to support the town's operations.The Town of Palisade has one fiduciary fund,the trust for pension benefits. <br /> Budgetary Comparisons.The Town of Palisade adopts an annual appropriated budget for all of the governmental and proprietary <br /> funds.Budget to actual comparisons for each fund are provided elsewhere in this report. <br /> 1 Notes to the Financial Statements.These notes provide additional information that is necessary in gaining a full understanding of <br /> the data provided in the government-wide and fund financial statements. <br /> Other Information. The combining statements referred to earlier in connection with non-major governmental, and enterprise <br /> funds are presented immediately following the notes to the financial statements. <br /> 1 <br /> i <br /> 1 <br /> i <br /> 1 <br /> 4 <br /> 1 <br />