Fund Structure The City of Leavenworth has established several funds that are organized in accordance with generally accepted accounting principles (GAAP) for reporting purposes. The activities of each fund are accounted for by providing a separate self-balancing set of accounts that includes assets, liabilities, fund balance, revenues, and expenditures. The City has the following types of budgeted funds: General Fund: The general fund is the main operating fund of the city, which accounts for all financial resources not accounted for or reported in another fund. The majority of the City’s current operations are financed by the general fund. Special Revenue Funds: These funds account for revenues derived from specific sources that are designated for particular functions or activities. The City budgets the following special revenue funds:
Recreation Fund: This fund is used to account for cultural and recreational activities of the City. Its resources are generated from ad valorem property taxes, sales taxes, and user fees. Economic Development Fund: This fund is used to account for the City’s economic development activities. Its resources are generated from a 15% allocation of the County Wide sales tax. Special Highway Fund: This fund accounts for the activities of the street department and derives its revenues mostly from a state fuel tax. CIP Sales Tax Fund: This fund accounts for the activities related to the ½-cent permanent sales tax dedicated for capital improvements. County Wide Sales Tax Fund: This fund accounts for the receipt and disbursement of sales tax revenues resulting from a one-cent County Wide sales tax enacted by Leavenworth County. Convention & Visitors Bureau: This fund accounts for the activities of the tourism department. Revenues consist of transient guest taxes for the promotion of tourism and conventions. Probation Services Fund: This fund accounts for the Probation Department. Resources are generated from 1/3 of the state liquor tax allocation and user fees. Business & Technology: This fund accounts for the activities of maintaining the Business & Technology Park. Community Grant Program: This fund accounts for the activities associated with the mitigation of COVID-19 in the community.
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