Okla. Stat. tit. 11, § 11-17-212: Funds - Establishment - Kinds

A municipality shall establish funds consistent with legal and

operating requirements. Each municipality shall maintain according

to its own needs some or all of the following funds or ledgers in

its system of accounts:

1. A general fund, to account for all monies received and

disbursed for general municipal government purposes, including all

assets, liabilities, reserves, fund balances, revenues and

expenditures which are not accounted for in any other fund or

special ledger account. All monies received by the municipality

under the motor fuel tax or under the motor vehicle license and

registration tax and earmarked for the street and alley fund may be

deposited in the general fund and accounted for as a "street and

alley account" within the general fund. Expenditures from this

account shall be made as earmarked and provided by law. All

references to the street and alley fund or to the special fund

earmarked for state-shared gasoline and motor vehicle taxes may mean

the street and alley account provided in this section;

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 municipal sinking

fund, established to account for the retirement of general

obligation bonds or other long-term debt and payment of interest

thereon and judgments as provided by law. Any monies pledged to

service general obligation bonds or other long-term debt must be

deposited in the debt service fund;

4. Capital project funds, to account for financial resources

segregated for acquisition, construction or other improvement

related to capital facilities other than those accounted for in

enterprise funds and nonexpendable trust funds;

5. Enterprise funds, to account for each utility or enterprise

or other service, other than those operated as a department of the

general fund, where the costs are financed primarily through user

charges or where there is a periodic need to determine revenues

earned, expenses incurred or net income for a service or program;

6. Trust and agency funds, to account for assets held by the

municipality as trustee or agent for individuals, private

organizations or other governmental units or purposes, such as a

retirement fund or a cemetery perpetual care fund;

7. Internal service funds, to account for the financing of

goods or services provided by one department or agency of the

municipality to another department or agency, or to another

government, on a cost reimbursement basis;

8. A ledger or group of accounts in which to record the details

relating to the general fixed assets of the municipality;

9. A ledger or group of accounts in which to record the details

relating to the general bonds or other long-term debt of the

municipality; or

10. Such other funds or ledgers as may be established by the

governing body.