As used in this part, unless the context requires otherwise, the following definitions apply:
(1) "Governing body" means the elected body responsible for the administration of a local government.
(2) "Local government" has the meaning provided in 7-6-602.
(3) "Municipality" means an incorporated city or town.
(4) "Working capital" means the current assets of a fund minus the current liabilities and designated reserves of a fund.