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PARK & PLAYGROUND FUND <br />SPECIAL REVENUE FUND <br />ACTIVITY DESCRIPTION: <br />The purpose of the Park & Playground Fund is to assist the City in meeting park acquisition and <br />development needs. Revenues are collected from developers or property owners that develop their <br />properties. Fees are based on assessed land value or number of lots available. Special Revenue <br />Funds, including the Park & Playground Fund use the modified accrual basis of accounting, that is <br />revenues are recognized when received and expenditure at the time the liability is incurred <br />GOALS: <br />f . Acquire and develop current and future parkland property. <br />2. Provide recreational facilities to all residents, including trails and walkways. <br />BUDGET COMMENTARY: <br />Revenue source is park dedication fees paid on new construction and/or developments, interest <br />earrings and any operating transfers. The transfer was from the General Fund and Improvement <br />Funds in the past, for the possible construction of a sidewalk along County Road E. <br />The only expenditure in the past was for engineering is for the construction of the sidewalk along <br />County Road E. In 2023 $5,000 is budgeted for the purchase and planting of some trees along the <br />trail by the Villas of Gem Lake development. <br />30 <br />