Would it be possible for a governmental entity to use a Capital Projects Fund for budgetary accounting

Question:

Would it be possible for a governmental entity to use a Capital Projects Fund for budgetary accounting purposes but not for reporting purposes? Explain.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...