ABSTRACT
Governments are often responsible for financing and managing long-term capital projects that result in ownership of general capital assets. For example, a government is usually the principal investor in local infrastructure such as roads and bridges, and a frequent builder of public projects such as county courthouses and community centers. The accounting for these immense capital projects should reflect the government’s awesome stewardship responsibilities. Capital Projects Funds (CPF) should be used “to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary
Contents 7.1 Budgetary Accounting in Capital Project Funds ......................................216 7.2 Construction Expenditures ......................................................................218 7.3 Issuance of Capital Debt ..........................................................................218 7.4 Investments and Arbitrage ........................................................................219 7.5 Grants ..................................................................................................... 220 7.6 Capital Contributions ............................................................................. 220 7.7 Interfund Transfers ..................................................................................221 7.8 Special Assessments ..................................................................................221 7.9 Fund Balance .......................................................................................... 222 7.10 Financial Reporting ................................................................................ 222 7.11 Budgetary Reporting ................................................................................224 7.12 Summary .................................................................................................224 Exhibit Financial Reports: The City of Raleigh, North Carolina ........................225
