(1) A county shall use either accrual or modified accrual, as prescribed in the uniform system of budgeting, accounting, and reporting, as the basis of accounting to record county transactions. (2) In the county system of accounts, each county shall maintain the following funds or account groups that are appropriate to the county's needs: (a) a county general fund; (b) special revenue funds; (c) debt service funds to account for the retirement of general obligation bonds or other long-term indebtedness including the payment of interest; (d) capital project funds, as required to account for the application of proceeds from the sale of general obligation bonds or other general long-term debt, or funds derived from other sources, to the specific purposes for which they are authorized; (e) a separate fund for each utility or enterprise such as an airport fund, a sewer fund, a water fund, or other similar funds; (f) intragovernmental service funds; (g) fiduciary funds such as a cemetery perpetual-care fund or a retirement fund; (h) a separate fund for each special improvement district, which shall be known as a special assessment fund; (i) a ledger or group of accounts to record the details relating to the general fixed assets of the county; (j) a ledger or group of accounts to record the details relating to the general obligation bonds or other long-term indebtedness of the county; (k) municipal services fund as required in Chapter 78, Part 5, Provision of Municipal-Type Services to Unincorporated Areas; and (l) any other funds for special purposes required or established under the uniform system of budgeting, accounting, and reporting. (3) The county shall classify the funds and account groups established under the authority of this section according to the procedures established by this chapter. (4) All appropriations shall lapse following the close of the budget period to the extent that the appropriation is unexpended or unencumbered. Renumbered and Amended by Chapter 13, 2025 Special Session 1
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