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Special Revenue Funds <br />Special Revenue Funds are used <br />to account for revenues derived <br />from specific taxes or other ear- <br />marked revenue sources. They are <br />required by statute to finance <br />particular functions, activities, <br />or governments. The City of <br />Arden Hills has the following <br />recurring Special Revenue Funds: <br />Cable TV accounts for <br />revenue and expenditures <br />related to cable TV, internet, <br />and other forms of <br />communication. <br />Revenue for this fund comes <br />primarily from cable owner <br />franchise fees. <br />EDA Operations accounts for <br />general administration activities <br />that are not specific to any <br />individual Tax Increment <br />Financing (TIF) District, as well <br />as activities associated with <br />the Economic Development <br />Commission and Economic <br />Development Authority. <br />EDA TIF Districts a ccount f or <br />revenues derived from tax <br />increments and expenditures <br />for developer reimbursements <br />and administrative expenses. <br />The City had three districts <br />at the end of 2020. <br />The City also established a CARES <br />Act Fund to administer the COVID <br />-19 relief funds and a Karth Lake <br />Improvement District Fund to <br />manage a pump replacement <br />project. These are short-term <br />funds. <br />Very Strong economy, with <br />access to a broad and diverse <br />metropolitan statistical area. <br />Very strong management, with <br />strong financial policies and <br />practices. <br />Very strong budgetary <br />performance and liquidity. <br />Very strong debt and <br />contingent liability position. <br />Strong institutional <br />framework. <br />Long-Term Debt <br />Arden Hills received a “AAA” <br />rating from Standard and <br />Poor’s Global on its 2018 <br />bond issue. This is the highest <br />possible rating you can receive. <br />A high bond rating translates <br />into lower future borrowing <br />costs. It shows that the City <br />is able to meet its financial <br />commitments and has the <br />lowest risk of default. This <br />rating is based on the City’s: <br />City of Arden Hills Popular Annual Finance Report Page 3 <br />The goal of the PAFR is to <br />supplement—not replace—the <br />Annual Report. <br />Similar to the Annual Report, <br />information in the PAFR <br />conforms to Generally Accepted <br />Accounting Principles (GAAP). <br />For more detailed information <br />and copies of the PAFR or <br />Annual Report, visit the city’s <br />website, <br />www.cityofardenhills.org. <br />Revenues—$541,496 <br />Expenses—$654,334 <br />Net Position—$219,173 <br />Internal service funds are an <br />accounting device used to <br />accumulate and allocate <br />costs internally among the <br />City’s various functions. The <br />City maintains internal <br />service funds for risk <br />management, engineering, <br />central garage, and <br />technology. The combined <br />totals for these funds are: <br />Internal Service Funds