Page 53 - PantegoFY24AdoptedBudget

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

sources for a specific project. The related expenditures are recorded in
these funds. The Town of Pantego has three (3) 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.

Coronavirus (CLFRF) Fund – This fund was created to track the

Coronavirus State and Local Fiscal Recovery Funds issued to the
Town by the Department of Treasury under the federal American

Rescue Plan Act of 2021.

ADOPTED BUDGET FY2023-24 TOWNOFPANTEGO.COM/BUDGET PAGE 51