General Fund

The general fund is set up to account for the ordinary operations of a governmental unit that are financed from taxes and other general revenues. All transactions not accounted for in some other fund are accounted for in the general fund. All accounts of the general fund are of a current nature; thus the fund contains no fixed-asset accounts or long-term debt accounts. See also governmental funds (GRASPP) and special revenue fund and debt service fund and capital projects fund and permanent fund.