For a city government that follows the genrally accepted accounting principles (
ID: 2786099 • Letter: F
Question
For a city government that follows the genrally accepted accounting principles (GAAP), which fund or funds should one look to find each of the items listed below? Please list the particular fund, e.g., special revenue fund, rather than the broader category, e.g., governmental funds.
the revenues received from a grant that is legally restricted to be used for Homeland Security purposes
the costs associated with the capital construction of a new downtown parking garage (assume that the parking operations are financed through user charges)
the payment of interest on general obligation bonds
salaries for the mayor’s staff
total salaries for all city employees
the costs of the building maintenance department (assume that the building maintenance department provides janitorial and repair services to city departments on a user charge basis)
construction costs for a new fire station
the total of amount of grants received by the city
Explanation / Answer
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The American government relies on many funds like Putnam, CUSIP, Government money market fund, Treasury, American government Income fund, US Government Securities fund (AMUSX), etc
1. Homeland securities fund
2. Town planning and infrastructure funding department fund under the category of US department of Housing and Urban Development (HUD)
DWSRF funds
Clean Water State Revolving Fund (CWSRF)
Drinking Water State Revolving Fund (DWSRF)
USDA Rural development Water and Environmental Program (WEP)
This fund helps the rural counties with the population of less than 10,000 - it also helps companies assisting the communities on water harvesting and management
The parking garage funding is looked after by the Transportation commission.
3. Interest payment for general obligation bonds:
These are municipal bonds; They are issued to raise funds for public civic project purposes; Both the general obligation and revenue bonds are covered here;
4. The construction cost for a new fire station will be funded by the Federal Emergency Management Agency (FEMA) Fund
5. Total grant amounts received by the city:
The US Department of Transportation (DOT) had established Infrastructure for Rebuilding America (INFRA) program
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