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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. modifed accrual basis. of accounting, that is. <br />revenues are recognized when received and expenditure at the time the Iiah.ility is incurred <br />GOALS: <br />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 />earnings and. any operating transfers. <br />At this time, theme are no park improvements or equipment purchase. to be funded frorn the. Park <br />Acquisition Fund in 2018. . <br />MI <br />