Page 49 - Pantego Adopted Budget FY21

CAPITAL PROJECT FUNDS

Capital Project Funds are used to account for financial resources used for
the acquisition or construction of capital facilities. These include land,

buildings and building improvements, equipment and infrastructure.

These funds receive the proceeds from bonds or other legally or authorized

source for a specific project. The related expenditures are recorded in
these funds. The Town of Pantego has three (4) capital project funds.

Street Improvement Fund – This fund was established to account
for a ¼ cent sales tax allocation voted on by the citizens of Pantego.
The revenue is restricted by state statute to be used for existing road

improvements and maintenance.

Capital Projects/Equipment Fund – This fund is used to account for
acquisitions of equipment and other capital improvements of the

general government not funded through other funds. This fund is
entirely dependent on cash inflows in the form of transfers in from the
General Fund.

2019 CO Capital Project Fund – This fund was created to track the
General Government Projects funded specifically by the 2019

Certificates of Obligation.

Park Row Project Fund – This fund was based on advice from the
Town’s external auditors to centralize revenues, transfers and

expenditures throughout the duration of the Park Row Project. The
project consists of the rehabilitation of the Park Row corridor,

including sidewalks, lighting, crosswalks and other amenities.