Question: The following is from the governmental funds
The following is from the governmental funds balance sheet section of the Town of Libertyville’s Comprehensive Annual Financial Report. 
1. What is the most likely reason that there are no unassigned balances in any of the funds other than the general fund? 2. Of the balance in the debt service fund, a portion is classified as “restricted,†and a portion is classified as “assigned.†What parties or entities likely “restricted†and “assigned†the resources, respectively? 3. Of the balance in the capital projects fund, a portion is classified as “restricted,†and a portion is classified as “committed.†What parties or entities likely “restricted†and “committed†the resources, respectively? 4. Why is inventory classified as “nonspendable?†5. If Libertyville were to establish a Permanent Fund, how would the town classify most of its fund balance?
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Special Revenue Fund Capital Projects Fund General Debt Service Fund Fund Total Fund Balances Nonspendable Inventory Restricted for: $ 125,000 S I11,00 $ 236,000 Parks and recreation 95,000 95,000 Road repair Debt service 46,000 46,000 $ 189.000 S 560,000 189,000 560,000 Highways Committed to: Economic stabilization 212,000 54,000 212,000 54,000 Education City Hall renovation Assigned to: Library acquisitions Parks and recreation Debt service 10,000 110,000 46,000 46,000 24,000 24,000 50,000 50,000 Other purposes Unassigned Total fund balances 67,000 67,000 611,000 $1.234.000 611,000 $2.300.000 $ 157.000 $ 670,000 $239.000
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