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Page 5 <br />SPECIAL REVENUE FUNDS <br />The only Special Revenue activity is the Parks and Playgrounds Fund which during the <br />first half of 2011 had only the allocation of interest earnings from the pooled investments <br />fund. <br />DEBT SERVICE FUNDS <br />The City's maintains three debt funds: the 2004 and 2006 Bonds which were issued for <br />road and sewer improvements and are paid by special assessments and the 2007 <br />Bonds which were issued for the constructions of Heritage Hall and are paid through <br />property taxes. Total principal and interest payments for 2011 were $154,81.5. <br />PROJECT FUNDS <br />The City currently has no active construction funds. The Scheuneman Road Project. <br />Fund currently carries a deficit balance that will be satisfied with the receipt of special <br />assessments from property owners over time. Special assessments toward this deficit <br />balance of approximately $8,900 were received with the first half 2011 property tax <br />settlement. This fund is charged interest from the pooled investment fund while it carries <br />a deficit balance. The City requested 100% of the turn back monies available for <br />Scheuneman and Hoffman Roads there fore there is a construction fund for Hoffman. <br />Road that is accruing interest on the turn back monies until the point in time a project is <br />completed on that section of road. <br />The Improvement Fund was established as part of the 2011.budget process and will be <br />funded initially with at transfer from the General Fund which will be made during the 41h <br />quarter of 2011. This fund will be used to help defray the cost of street improvement <br />projects to city residents in the future. <br />ENTERPRISE FUNDS <br />The City currently maintains one Enterprise (Business Type) Fund. The City's Sewer <br />Fund financial information for the first three quarters of 2011 is as follows: <br />Revenues <br />Expenditures <br />2010 <br />3rd <br />quarter/YTS <br />$ 26,600 <br />$ 46,385 <br />2011. <br />Annual Budget <br />$ 48,739 <br />$ 4.3,648.. <br />2011. <br />3rd <br />Quarter/YT❑ <br />$ 38,4.66. <br />$ 19,039 <br />% Received <br />Spent <br />51.07% <br />31.97% <br />Revenues for the first three quarters of 2011 are right on target when compared to the <br />annual budget. Expenses are actually lower than anticipated, however there are <br />expenditures budgeted for sewer line maintenance and repair that will occur in the <br />ensuing months. These budgeted costs in addition to the MCES charges and <br />depreciation which is not recorded until year-end make up the bulk of the expenditure <br />budget. <br />