What Are Public Funds?

Question:

What exactly is defined as "Public Funds"? We have several accounts attached to a local city entity, but do not know if they constitute as "public funds". For example: City of Blair/Depreciation Fund, Debt Service, Water and Sewer, etc. Another example is our local school. Blair School District/Booster Club, Building Fund, etc.

Answer:

Try looking at the instructions for the Consolidated Report of Condition and Income (call report). I do not find them online, or I would have been glad to look for you.

My opinion is that all the accounts you listed, with the exception of the band boosters, would meet any definition you find. All are controlled by a government entity.

First published on BankersOnline.com 6/3/02