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PARK & PLAYGROUNā¯‘ 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 />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 there are no park improvements or equipment purchase to be funded from the Park <br />Acquisition Fund in 2016. <br />a <br />