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City <br /> March 20, Centerville <br /> 2013 <br /> Page 9 <br /> I IN <br /> Special Revenue Funds <br /> Special revenue funds are used to account for revenue derived from specific taxes or other earmarked revenue sources. They are <br /> usually required by statute or local ordinance to finance particular functions or activities of government. A summary of year end <br /> fund balances for all special revenue funds follows: <br /> Fund Balances <br /> December 31, Increase <br /> Fund 2012 2011 (Decrease) <br /> Nonmajor <br /> Cable T.V. $ 20,126 $ 25,453 $ (5,327) <br /> Capital Projects Funds <br /> The capital projects funds are used to account for the acquisition and construction of major capital facilities other than those <br /> financed by enterprise funds. A summary of year end fund balances (deficits) for all capital projects funds follows: <br /> Fund Balances <br /> December 31, Increase <br /> Fund 2012 2011 (Decrease) <br /> Major <br /> Park $ (1,070,527) $ (1,071,023) $ 496 <br /> Nonmaj or <br /> Street Maintenance 187,850 26,100 161,750 <br /> Pedestrian Trail Ways (2,763) 7,426 (10,189) <br /> 2007 Downtown Redevelopment - 59,391 (59,391) <br /> Total $ (885,440) $ (978,106) $ 92,666 <br /> The City should continue to annually evaluate the status of each project to determine if the fund should be closed or if additional <br /> funding sources will be needed for deficits. Each deficit indicates a funding shortfall and all will eventually need to be eliminated <br /> either by future charges or by transfers from other funds. The deficit fund balance in the Park fund of $1,070,527 is due to a <br /> transfer out of $825,000 in 2011 to the Pedestrian Trail Ways fund for the funding project plan and loan between funds. The <br /> increase in the Street Maintenance fund is due to a transfer in from the General fund of $189,000. The 2007 Downtown <br /> Redevelopment fund was closed in 2012. <br /> 952.835.9090 • Fax 952.835.3261 <br /> www.aemcpas.com <br /> 120 <br />