Fund DefinitionsFund Definitions
The City of Atlantic Beach utilizes four difference types of funds which are defined below.
General Fund: The General Fund is the City’s main operating fund, and is to be used to account for and report all financial resources not accounted for or reported in another fund.
The City can report on one General Fund.
Special Revenue Fund: Fund to account for and report the proceeds of specific revenue sources that are restricted or committed to be used for specified purposes. The City of Atlantic
Beach has numerous Special Revenue Funds the largest being Local Option Gas Tax and Half Cent Sales Tax (Better Jax) Funds.
Enterprise Fund: Used to report any activity for which a fee is charged to external users for goods or services. A given activity must be accounted for in an enterprise fund if it meets
any of these criteria; there is outstanding debt that is backed solely by fees and charges, laws or regulations require that fees and charges by set to recover costs, including capital
costs, or there is a pricing policy that fees and charges by set to recover costs including capital costs. The City maintains five enterprise funds which are: Water, Sewer, Sanitation,
Building Code Enforcement, and Stormwater.
Pension Trust Fund: Used to report resources that are required to be held in trust for the members and beneficiaries of defined benefit and defined contribution pension plans, other
postemployment benefit plan, or other employee benefit plans.