Major Funds Lenox County provides the following information on its governmental and enterprise funds: Fund Assets Liabilities Revenues Expenditures/ Expenses General fund $40,000 $36,000 $340,000 $391,500 Grants special revenue fund 27,500 21,750 100,000 48,500 Parks and recreation special revenue fund 1,000 650 20,000 21,000 Licensed gaming special revenue fund 4,000 3,500 32,500 31,000 Roads capital projects fund 7,000 6,000 100,000 101,500 Bridges capital projects fund 17,500 15,000 60,000 57,500 Buildings capital projects fund 20,000 15,000 50,000 49,000 Water enterprise fund 105,000 100,000 445,000 390,000 Airport enterprise fund 325,000 310,000 475,000 476,500 In the governmental funds financial statements, which of these funds are reported separately as major funds? Calculate the thresholds: Element Total for Governmental Funds 10% Test Total for Governmental and Enterprise Funds 5% Test