The Borough's fund structure shall follow the requirements as
laid out in GASB Statement No. 34, Basic Financial Statements –
and Management’s Discussion and Analysis – for State and
Local Governments, as may be amended by GASB from time to time. Fund
financial statements, as described below, should be used to report
detailed information about the Borough using a current economic resources
measurement focus and the modified accrual basis of accounting. Funds
will be broken down into three separate categories:
C. Fiduciary funds and similar component units.
(1) Pension (and other employee benefit) trust funds.
(3) Private purpose trust funds.
(4) Custodial (agency) funds.