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                                     DESCRIPTION OF
                                    FIDUCIARY FUNDS
                                                

Fiduciary funds are used to account for assets held by a government in a trustee capacity
for individuals, private organizations, other governments or other funds. 

A list and description of the fiduciary funds maintained by the City follows:

PENSION TRUST FUNDS are used to account for public employee retirement systems. 

General Employees Retirement System - to account for the funding of retirement for the
general employees of the city by all funds and departments, for establishing and
maintaining required reserves and the payment of retirement benefits to participants. 

Policemen and Firemen Retirement System - to account for the funding of public safety
employees' retirement by the general fund, for establishing and maintaining required
reserves and the payment of retirement benefits to participants.

Retiree Healthcare ­ to account for the funding of retirement healthcare benefits for
employees and retirees of the city in accordance with the provisions of P.A. 149 of 1999. 

AGENCY FUNDS are used to account for assets held as an agent for another
organization or individual. 

Collector - to account for the collections and disbursement of funds to other entities and
individuals and to account for payroll withholdings and their remittance to the appropriate
governmental agencies. 

Current Tax - to account for levy, collection, and payment of taxes levied for the general
and other funds of the city, county and public school districts.

Rehab Loan Escrow - to account for deposits made by housing rehabilitation program
participants and their expenditures for the intended purposes.