CCP 05-19-2003 - Laserfiche WebLink

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. . . City of Arden Hills April 10, 2003 Page Ten nebt Service Funds The final payment of the G.O. Improvement Bonds of 1977, which were refunded in 1985, was fully paid by the escrow in 1997. The remaining fund balance was tTansferred out in 2003 and the fund was closed, The Tax Increment Bonds of 1998 were issued in 1998. The debt service on the $3,030,000 obligation will be recorded in this fund. Tax increment collections will provide the resources to pay the bonds, which mature in 2015. Capital Projects Funds A summary of year end fund balances for all capital projects funds follows: Municipal Land and Buildings Non-Assessable Road Improvements Capital Equipment Public Safety Capital Equipment Permanent Improvement Revolving Fund Balance (Deficit) Increase 2002 2001 (Decrease ) $ (150,944) $ (107,323) $ (43,621) 1,551,255 1,495,998 55,257 141,626 162,554 (20,928 ) 441,864 423,195 18,669 7.987.497 7,664.289 323.208 $ 9,971298 $ 9638713 $ 332 585 Total Municipal Land and Buildings This fund will be used to improve existing City buildings or provide for new buildings. The deficit should be eliminated by a transfer from other funds. Non-Assessable Road Improvements The fund balance of$I,551,255 at year end exists for the completion of future projects. Capital Equipment Its purpose will be to accumulate resources to finance major equipment purchases. Public Safety Capital Equipment The fund balance of $441 ,864 will be used for equipment replacement. Permanent Improvement Revolving (PIR) Fund The fund balance at year end was $7,987,497, of which $650,000 represents the amount of the unpaid advance to the Economic Development Authority related to the acquisitions of the Indy Kiewicz property. This entire advance is expected to be repaid to the PIR Fund from Ramsey County reimbursement and remnant parcel sale proceeds. Interest income for 2002 was $25,637.