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Fund Types <br />•General Fund –the principal fund for a local unit. All local governments should have a general fund. <br />•Special Revenue Fund –accounts for revenu <br />e that is legally restricted for a specific purpose (i.e. Motor Vehicle Highway Fund).•Capital Project Fund –accounts for revenue that is used for capital improvements (i.e. Cumulative Capital Improvement Fund).•Debt Service Fund –accounts for the pay <br />ment of principal and interest on outstanding bonds (i.e. Wastewater Debt Service Fund).•Internal Service Fund –accounts for goods <br /> and services provided primarily to other departments in the local government (i.e. Health Insurance Fund).•Trust & Agency Funds –accounts for assets held on behalf of others (i.e. <br />Police & Fire Pension Funds). <br />•Enterprise Funds –accounts for operations <br /> that are financed by user fees <br />and are operated like a private business <br />(i.e. Water & Wastewater Utility). <br />4