The GENERAL FUND is where all the expenditures to run the daily operations reside. The revenues in the fund are comprised of the state aid and the general tax levy. This tax levy is what is required to stay within 2%.
The DEBT SERVICE FUND is where we account for the debt payments on principal and interest. The revenues for this fund are from debt service state aid and the debt service tax levy. This tax is a function of the payment on the debt less any state debt service aid available. The taxpayers voted to agree to this level of debt.
The SPECIAL REVENUE FUND is where we account for the funds received from grants and generally where we report the funds from the federal government. There is no local tax levy that supports this fund.
The CAPITAL PROJECTS FUND is where we will record all the revenues and expenditures for the projects covered by the referendum. This account houses the details of the projects undertaken and the all the costs.