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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31,2007 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />I. Tax Increment Districts <br /> <br />The City is the administering authority for the following tax increment financing district as of December 31, 2007: <br /> <br />Authoirzing Law <br />Type of district <br /> <br />Tax <br />Increment <br />District No. 1-6 <br />M.S. 469 <br />Redevelopment <br /> <br />Year established <br /> <br />8/24/2005 <br />25 years <br /> <br />Tax capacity <br />Original <br />CUrrent <br /> <br />$ <br /> <br />10,350 <br />47,956 <br /> <br />Captured - retained <br /> <br />$ <br /> <br />37,606 <br /> <br />The City's tax increment districts are subject to review by the State of Minnesota Office of the State Auditor (OSA). <br />Any disallowed claims or misuse of tax increments could become a liability of the applicable fund. Management <br />has indicated that they are not aware of any instances of noncompliance which would have a material effect on the <br />financial statements. <br /> <br />J. Fund Equity <br /> <br />Certain reservations and designations have been made in the following funds: <br />Fund Purpose <br />Fund balance - Reserved <br />Debt Service <br />General <br /> <br />Amount <br /> <br />Debt service on bonds issued <br />Prep aids <br /> <br />$ 2,441,390 <br />13,340 <br /> <br />$ 2,454,730 <br /> <br />Total reserved fund balance <br /> <br />Fund balance - Unreserved - Designated <br />General <br /> <br />Working capital <br /> <br />$ 1,428,071 <br /> <br />-36- <br />