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Budgets are adopted on a basis consistent with Generally Accepted Accounting Principles (GAAP). The Village's Operating Budget
is organized by funds in conformity with GAAP with guidelines established by the Governmental Accounting Standards Board (GASB).
Funds are the control structures that ensure that public monies are spent only for those purposes authorized and within the
amounts authorized. Funds are established to account for different types of activities and legal restrictions that are associated
with a particular government function.
The accounts of the Village are organized on the basis of funds, or account groups each of which is considered a separate
accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts.
The Village uses the following funds to control its financial activities -1 General Fund, 4 Special Revenue Funds, 5 Capital
Project Funds, 1 Debt Service Fund, 2 Enterprise Funds and 2 Fiduciary Funds.
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