{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-17-212","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-17-212","heading":"Funds - Establishment - Kinds","body":"A municipality shall establish funds consistent with legal and\n\noperating requirements. Each municipality shall maintain according\n\nto its own needs some or all of the following funds or ledgers in\n\nits system of accounts:\n\n1. A general fund, to account for all monies received and\n\ndisbursed for general municipal government purposes, including all\n\nassets, liabilities, reserves, fund balances, revenues and\n\nexpenditures which are not accounted for in any other fund or\n\nspecial ledger account. All monies received by the municipality\n\nunder the motor fuel tax or under the motor vehicle license and\n\nregistration tax and earmarked for the street and alley fund may be\n\ndeposited in the general fund and accounted for as a \"street and\n\nalley account\" within the general fund. Expenditures from this\n\naccount shall be made as earmarked and provided by law. All\n\nreferences to the street and alley fund or to the special fund\n\nearmarked for state-shared gasoline and motor vehicle taxes may mean\n\nthe street and alley account provided in this section;\n\n2. Special revenue funds, as required, to account for the\n\nproceeds of specific revenue sources that are restricted by law to\n\nexpenditures for specified purposes;\n\n3. Debt service fund, which shall include the municipal sinking\n\nfund, established to account for the retirement of general\n\nobligation bonds or other long-term debt and payment of interest\n\nthereon and judgments as provided by law. Any monies pledged to\n\nservice general obligation bonds or other long-term debt must be\n\ndeposited in the debt service fund;\n\n4. Capital project funds, to account for financial resources\n\nsegregated for acquisition, construction or other improvement\n\nrelated to capital facilities other than those accounted for in\n\nenterprise funds and nonexpendable trust funds;\n\n5. Enterprise funds, to account for each utility or enterprise\n\nor other service, other than those operated as a department of the\n\ngeneral fund, where the costs are financed primarily through user\n\ncharges or where there is a periodic need to determine revenues\n\nearned, expenses incurred or net income for a service or program;\n\n6. Trust and agency funds, to account for assets held by the\n\nmunicipality as trustee or agent for individuals, private\n\norganizations or other governmental units or purposes, such as a\n\nretirement fund or a cemetery perpetual care fund;\n\n7. Internal service funds, to account for the financing of\n\ngoods or services provided by one department or agency of the\n\nmunicipality to another department or agency, or to another\n\ngovernment, on a cost reimbursement basis;\n\n8. A ledger or group of accounts in which to record the details\n\nrelating to the general fixed assets of the municipality;\n\n9. A ledger or group of accounts in which to record the details\n\nrelating to the general bonds or other long-term debt of the\n\nmunicipality; or\n\n10. Such other funds or ledgers as may be established by the\n\ngoverning body.","path":["OK Code","Title 11"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os11.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"cd768f3b87caa3434af8c3a339b90b6b3ca8940ea67ede17fb2463131ea95e20","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-17-211","next":"us-ok/okla.-stat.-tit.-11-11-17-213"},"notice":"GroundRules: Original legal text. Not legal advice."}