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PARK & PLAYGROUND FUND <br />SPECIAL REVENUE FUND <br />ACTIVITY DESCRIPTION: <br />The purpose of Park & Playground Fund is to assist the City in meeting park acquisition and <br />development.:needs. Revenues are colleted 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, inciud.ing 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 properfy, <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. The. transfer is. from the General Fund and. Improvement <br />Funds for the construction of a sidewalk along County Road E. <br />The only expenditure is for.the construction of the sidewalk along County Road E. <br />30 <br />