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PROPRIETARY FUNDS
A proprietary fund is a business-like fund of a state or local
government. Proprietary funds include enterprise funds and internal
service funds. Enterprise funds provide goods and/or services to the
general public for a fee. Internal service funds account for goods and
services provided by one department or agency to another
department or agency of the governmental unit on a cost
reimbursement basis.
Financial transactions are reported using the full accrual basis of
accounting, that is revenues are recognized when earned and
expenses are recognized when incurred. The equity accounts in
proprietary funds are referred to as net position.
The Town of Pantego does not have internal service funds, however,
the Town does have one (1) Enterprise fund, the Water and Sewer
Fund.
ADOPTED BUDGET FY2023-24 TOWNOFPANTEGO.COM/BUDGET PAGE 56
