Annual_Report_1976_001 - Laserfiche WebLink

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SPrCIAL FFVENUE FUNDS (Continued) ContinKency Fund - This fund is used to meet emergency conditions which cannot be foreseen. Transfers from the Contingency Fund require a Council approval of four members. During 1976, Y.ransfers were made to the following funds: General Fund Recreation Fund City Ha11 Sinking Fund $ 114,856 9,100 40,000 5�163 , 956 The fund had a balance of $72,435 availab2e at December 31, 1976. PuUlic Works Reserve I'und - The functions of this fund are established by Minnesota Statutes. During 1976, transfers of 534,000 to the Permanent Improvement Fund and $67,000 to the Equipment Revolving Fund were made to help finance the cost of improvements financed in those £unds. The fund has a balance of $205,622 remaining at December 31, 1976. Firemen's Relief Fund - This fund was inactive during 1976. Policemen`s Relief Fund - Revenues are derived from a 2% premium tax on auto insurance. Expenditures consist of transfers to the General Fund to be used to finance part of the City's police pension cost. The fund had a balance of $94,445 at December 31, 1976. Federal Revenue Sharin Fund - This fund was establislied to account for revenue received irom the Federal Government in accordance wi.th the "State and i,ocal Fiscal Assi-stance Act of 1972." Expenditures can only be made from this fund as outlined in the Act. The revenue for 1976 was $196,304 including $16,926 interest earned from investments. E�penditures totaled $110,260 of which $70,500 was used in the f.inancing oF the cost of Fire SCation y'k3 and $32,000 for the purchase of a fire rescue vehicle. State-Aid Fund - Gasoline tax collections apportioned to the City from the State of Minnesota for street construction are accounteci for in this fund. There were no expenditures during the year. CAPITAL PROJECTS FUNDS Capital projects funds are used to account for the proceeds f.rom the sale of bonds and other revenue used for the acquisition oE capital improvernents by the City. Following is a brief description of eacli. Lawcon Pund - Fevenue of $48,950 received in 1.975 through a grant from the State of Minnesota together with an equal amount transferred from the General Fund are used to acquire land f.or par.k purposes. Expenditures for the year totaled $21,020 leaving a fund balance available for future land acquisitions of $11,182. P'ire Stati.on �k3 F'und - Construction costs have been financed by transfers from P.e�renue Shar.ing through the Public Worlcs Reserve Fund. ExpendiTures for tlle year totaled $48,601 with the cost of the Station to date amounting to $365,277. '�� City Hall. Construction Fund - Proceeds from the sale of bonds together with transfers - f.rorn the PuU1ic Works Feserve Fund and the Revenue Sharing Fund provide most of tlie financing necessary for the construction of the new City Hall. E�;penditures for the year. amounted to $7_84,096 with expenditures through DecemUer 31, 1976 for the facilities at $1,17.3,944. III