The following is from the governmental funds balance sheet section of the Town of Libertyville's Comprehensive Annual Financial Report.

1. What is the most likely reason that there are no unassigned balances in any of the funds other than the general fund?
2. Of the balance in the debt service fund, a portion is classified as "restricted," and a portion is classified as "assigned." What parties or entities likely "restricted" and "assigned" the resources, respectively?
3. Of the balance in the capital projects fund, a portion is classified as "restricted," and a portion is classified as "committed." What parties or entities likely "restricted" and "committed" the resources, respectively?
4. Why is inventory classified as "non-spendable?"
5. If Libertyville were to establish a Permanent Fund, how would the town classify most of its fund balance?

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General Fund Special Revenue Fund Capital rojects Debt Service Fund Fund Total Fund Balances Nonspendable Inventory Restricted for: Parks and recreation Road repair Debt service Highways Committed to: Economic stabilization Education City Hall renovatio Assigned to: Library acquisitions Parks and recreation Debt service Other purposes Unassigned Total fund balances $125,000 111,000 $236,000 95,000 46,000 189,000 560,000 95,000 46,000 S189,000 560,000 212,000 212,000 54,000 110,000 110,000 46,000 24,000 46,000 24,000 50,000 67,000 611,000 2,300,000 50,000 67,000 611,000 1234.000 157.000 S670.000 S 239.000