Question

Major Funds

Lenox County provides the following information on its governmental and enterprise funds:

Fund	Assets	Liabilities	Revenues	Expenditures/ Expenses
General fund	$64,000	$57,600	$544,000	$626,400
Grants special revenue fund	44,000	34,800	160,000	77,600
Parks and recreation special revenue fund	1,600	1,040	32,000	33,600
Licensed gaming special revenue fund	6,400	5,600	52,000	49,600
Roads capital projects fund	11,200	9,600	160,000	162,400
Bridges capital projects fund	28,000	24,000	96,000	92,000
Buildings capital projects fund	32,000	24,000	80,000	78,400
Water enterprise fund	168,000	160,000	712,000	624,000
Airport enterprise fund	520,000	496,000	760,000	762,400

In the governmental funds financial statements, which of these funds are reported separately as major funds?

Calculate the thresholds:

Element	Total for Governmental Funds	10% Test	Total for Governmental and Enterprise Funds	5% Test
Assets	Answer	Answer	Answer	Answer
Liabilities	Answer	Answer	Answer	Answer
Revenues	Answer	Answer	Answer	Answer
Expenses/expenditures	Answer	Answer	Answer	Answer

Answer 1

Lenox County provides
Government Fund
	Asset $	Liabilities$	Revenue $	Expenditure / Expenses$
General Fund	64,000	57,600	5,44,000	6,26,400
Grant Special Revenue Fund	44,000	34,800	1,60,000	77,600
Park and receation Special Revenue fund	1,600	1,040	32,000	33,600
License gaming Special Revenue fund	6,400	5,600	52,000	49,600
Roads Capital Project fund	11,200	9,600	1,60,000	1,62,400
Bridge Capital Project fund	28,000	24,000	96,000	92,000
Building Capital Project fund	32,000	24,000	80,000	78,400
Total Government Fund -A	1,87,200	1,56,640	11,24,000	11,20,000
Enterprise Fund
Water Enterprise fund	1,68,000	1,60,000	7,12,000	6,24,000
Airport Enterprise fund	5,20,000	4,96,000	7,60,000	7,62,400
Total Enterprise Fund -B	6,88,000	6,56,000	14,72,000	13,86,400
Total Government+ Enterprise fund (A+B)	8,75,200	8,12,640	25,96,000	25,06,400
Threshold Calculation	Total Government Fund $(A)	10% test(10%*A)	Total Government Fund+ Enterprise Fund $(B)	5% test(5%*B)
Asset	1,87,200	18,720	8,75,200	43,760
Liability	1,56,640	15,664	8,12,640	40,632
Revenue	11,24,000	1,12,400	25,96,000	1,29,800
Expenditure	11,20,000	1,12,000	25,06,400	1,25,320
Under Government Fund , Major fund dispaly separately would be
Grant Special Revenue Fund
Roads Capital Project fund
Bridge Capital Project fund
Building Capital Project fund