An example of a Federal Special Revenue Fund is the Health and Human Services Fund. An example of a State Special Revenue Fund is the Conservation Fund which finances a number of State environmental programs. This governmental fund type is divided into two classifications: (1) State Special Revenue Funds and (2) Federal Special Revenue Funds. Special Revenue These funds account for State receipts from specific revenue sources and are legally restricted to disbursement for specified purposes. State income for Financial Plan purposes consists of moneys (taxes, fees, and miscellaneous receipts including certain repayments of State advances) deposited to the credit of the General Fund during the fiscal year and transfers from other funds from current revenues.
It receives all State income not earmarked for a particular program or activity and not specified by law to be deposited in another fund. The State records its transactions in the following fund types: All Governmental Funds General Fund This is the major operating fund of the State. For example, personal service costs are for salaries and non-wage compensation for State employees and certain payments to non-State employees. Financial Plan Category These are the major spending categories of the State, crossing all functional areas. The sum total of the various funds is considered All Funds. Fund Type These include the General Fund, which is the primary operating fund of the State Special Revenue Funds, which account for State receipts from specific revenue sources and are legally restricted to disbursement for specified purposes and Capital Funds, which finance capital construction costs. For example, the functional area of higher education includes spending for SUNY, CUNY, and the Higher Education Services Corporation. Organizing Concepts Functional Area A grouping of State agency spending by general programmatic purpose.
The Guide to Budget Terms provides some ‘user friendly’ descriptions of State government and definitions of financial terms as included in OpenBudget NY.
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