Which of the following is NOT one of the five funds utilized in New Jersey Governmental Accounting?

The correct answer is that "Savings" is not one of the five funds utilized in New Jersey Governmental Accounting. In governmental accounting, especially within the framework used in New Jersey, there are specific funds that categorize different types of financial resources. These include funds for current operations, trust funds to account for assets held in a fiduciary capacity, and grant funds which are utilized for specific purposes often funded by external sources.

The "Current" fund is used to manage ongoing operational expenses, the "Trust" fund is employed for holding moneys for specific purposes, while the "Grant" fund accounts for financial resources provided for particular projects or initiatives. The existence of these funds facilitates transparency and accountability in how government resources are allocated and spent.

The option "Savings" does not align with the established categories recognized in New Jersey governmental accounting practices. It does not represent a fund set up specifically for governmental financial management and therefore is not categorized alongside the other types listed. Understanding these categorizations is crucial for comprehending how municipal budgets are structured and managed in New Jersey.