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Budgets and Auditing


The City of Box Elder (the City) budgets for and/or administers many different types of funds. The following summarizes fund structure and the basis of accounting included in the Annual Audit Report.

FUND STRUCTURE

General Fund – The General Fund is the general operating fund of the City.  It is used to account for all financial resources except those required to be accounted for in another fund.  Functions accounted for in the General Fund include General Government, Legal, Finance, Police, Public Works Streets and Parks, Community and Economic Development, and Planning and Zoning.

Special Revenue Funds – Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. 

Liquor, Lodging and Dining Gross Receipts Tax Fund - This accounts for the collection of a one percent tax on the gross receipts of lodgings, alcoholic beverages, prepared food and admissions.  The tax shall be used for the purpose of land acquisition, architectural fees, construction costs, payments for a civic center, auditorium or athletic facility buildings, including the maintenance, staffing and operations of such facilities and the promotion and advertising of the City.

Debt Service Funds – Debt service funds are used to account for the accumulation of resources for and the payment of general long-term debt principal, interest and related costs. 

Tax Increment District - This fund accounts for the accumulation of property tax receipts received on the tax increment district and the payment of general long-term debt principal and interest as related to the tax increment district.

Capital Projects Funds – Capital projects funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by other funds.)  The City has a capital project fund ongoing for the East Mall Drive and Well #10.

Enterprise Funds – Enterprise funds may be used to report any activity for which a fee is charged to external users for goods or services. 

Water Fund – Financed primarily by user charges, this fund accounts for the construction and operation of the municipal waterworks system and related facilities (SDCL 9-47-1).

Sewer Fund – Financed primarily by user charges, this fund accounts for the construction and operation of the municipal sanitary sewer system and related facilities (SDCL 9-48-2).

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