3.3.2 General Fund Obligations
The vast majority of debt obligations that are backed by a public agency’s general fund are issued by cities, counties, or school districts. Most of the debt obligations issued by other public agencies are connected to a specific revenue stream. A public agency general fund is the agency’s basic operating fund and is used to account for all revenues and expenditures necessary to carry out basic governmental activities of the agency that are not accounted for through other funds. Typically, general fund revenues include (but are not limited to) property taxes sales and use taxes, license fees, permit fees, and charges for services. The general fund can be used to support large infrastructure projects or to manage daily cash flow for operations.