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Very truly yours Wendy N. Trumbull ended December 31 2007 and have issued our report thereon dated April 3 2008. Fiduciary Fund to MERS Health Care Savings Program HCSP. The HCSP is acting in a trust capacity to administer invest and manage the funds in order to provide for the funding of health benefit retirees. Corrected and Uncorrected Misstatements during the audit other than those that are trivial and communicate them to the appropriate level of management. The Library s property tax...
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What is governmental funds?
Governmental funds are funds used by government entities to account for their general operations and financial activities, typically supported by taxes and other government revenue sources.
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Government entities such as federal, state, and local governments are required to file governmental funds.
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Governmental funds are typically filled out using accounting software or manual entry methods following governmental accounting standards.
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Information such as revenue sources, expenditures, assets, liabilities, and fund balances must be reported on governmental funds.
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