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intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). Governmental activities of the Village include general government support, public safety, transportation, economic assistance and opportunity, culture and recreation, and home and community services. The Village does not engage in any business-type activiti es. As previously stated in the Opinion Letter to these financi al statements, the government-wide financial statements have not been included in this report. Fund financial statements—A fund is a grouping of related accounts that is used to maintain control over resources that -have been segregated for specific activiti es or objectives, The Village, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Village can be divided into two categories. : Governmental funds - Governmental Junds are used to account for essenti ally the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal .year. Such informa tion may be useful in evaluating a government’s near-term financing requirements, ‘ The Village maintains five individual governmental funds. Information is presented separately in the governmental fund balance sheet-and in the governmental fund statement es, of revenu expenditures, and changes in fund balances for the Genera l Fund, the Community Development Fund, the Water Fund, the Sewer F und, and the Capital Project s Fund, which are each considered major funds. Fiduciary funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government. F: iduciary funds are not reflect ed in the government-wide financial Statement because the resources of those funds are not available to support the Village’s own programs. The Village is responsible for ensuring that the assets reported in these funds are used for their intended purpose. In a prior year, the Village implemented the requirements of GASB Statement No. 84— Fiduciary Activities. The Village no longer has any active fiduciary funds, Notes to the financial statements - The notes to the -financial statements, as listed in the table of contents, provide additional information that is essential to a full understanding of the data provided in the Fund financial statements. : Required Supplementary Information - In addition to the basic financial statements and accompanying notes, this report also presents required supplementary information, as listed in the table of contents, on the Village’s net pension liability and the Village’s budgetary comparison for the General Fund, the Sewer Fund, and the Water Fund, Additionally, the Village presents information on the Federal awards in this report. Financial Analysis of the Village’s Governmental Funds Governmental funds - The focus of the Village’s govern . mental funds is to provide information on near- term inflows , outflows, and balances of spendable resources. ~ ar . : Such information is useful in. assessi. ng the Village’s financing requirements.