A district shall maintain, according to its own accounting needs, some or all of the funds and account groups in its system of accounts that are consistent with legal and operating requirements and as prescribed by the State Auditor and Inspector. The required funds may include, but not be limited to: 1. A general fund, to account for all monies received and disbursed for general district purposes, including all assets, liabilities, reserves, fund balances, revenues and expenditures which are not accounted for in any other fund or special ledger account; 2. Special revenue funds, as required, to account for the proceeds of specific revenue sources that are restricted by law to expenditures for specified purposes; 3. Debt service fund, which shall include the district sinking fund, established to account for the retirement of general obligation bonds or other long-term debt and payment of interest thereon. Any monies pledged to service general obligation bonds or other long-term debt must be deposited in the debt service fund; 4. Capital improvement fund, to account for financial resources segregated for acquisition, construction or other improvement related to capital facilities other than those financed by general long-term debt; 5. A ledger or group of accounts in which to record the details relating to the general fixed assets of the county; 6. A ledger or group of accounts in which to record the details relating to the general funds or other long-term debt of the district; and 7. Such other funds or ledgers as may be established by the district.
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