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GF.NERA[. FLTND fContinued) <br />Deferred revenue consists of $18,715 received from a P�dzral Grant which will be ' <br />transferred in 197b to the new Permanent Imprcvement Fund fot park development <br />gurposes. <br />SaECIAL REVENITE FUNDS <br />Sper_i_al revenue funds are established to account for taxes and other revenues set <br />aside for a particu7.ar purpose. Activities of the follawing fends will be included <br />in 1976 as part of the General Fund: <br />Civil Defense Fnnd <br />Pension Fund <br />Employees Insuranre Eu�d <br />Firemen's Re7.ief Fund <br />Policemen`s °elief Fun3 <br />Following is a brief descri_ption of each fund. <br />Fixed AsseY. Renlacernent Fur.d - Tnis ru;�d *,vill be rename� the Equi,:�me-nt �:evolvin;; <br />Fun3 in 1976 ar�d be used to ourchase heacy machi.nery� and vehir.i�lar t��pe equipmer.t. <br />Revc�nue for the financing of this equipment will come from the using departmer.ts <br />in the `orm of depreciation charges along with prc�pert} i.ax levies. The fund <br />balance aC DecemUer 31, 7.975 was $2?0,795. <br />Contir.�ncy rund - This f�md is used to meet emergency condir_ions �a;��,r_h ca.nnot be <br />foreseen. 'i'runsfers fr�m the Cc�.±cingency Fund require a Council apuruval of fou: <br />mem'vers. During 1975, $124,995 �aas transferred to the General Fui�d l�:a��ing a <br />funR balance of $126,120 at Pecember 31, 1975. <br />Public 'v.ori:s Reserve Fund - The functions af this fund are estnblished "by <br />bSi.nnesok'.a Stat�:tes. During 1975, $159,552 F�as received frorn Eiie Revenue 5ha-riTi� <br />r'anu. Tvansfers included $125,000 to the City Hall Construction FLm� aud <br />$29?,65G to the Fire Stati�n F'und to I�elp finance the cost of coristructi_:�n of- <br />t:he.se buildings. <br />Federa� Rr-.venue Shzring Fun3 - This fund was established to account for revenue <br />receivec =r�r.� the Fe3era.1 Government in accordance with the "State .:�d Local <br />Fi.scal Assistanca Act of 1972," Expenditures can only be ma_ke from this fund <br />z�� out3.ined -i.n �ize �1ct. The revenue fo.r ;975 was $7.93,512 iucl_udir�;; $:4,EC3 <br />earned from investm�nt�. Expendi.tures included $1`L5,000 transferred i:o heln <br />fi:nancz the cost c;: the new City Hal1 anc9 $159,551 transferred fo the Public. <br />Tdorks Reserve Fund which was used in the financing of the cost of Fi.r.a Staticn ik3. <br />State-Aici Fuad - uasoline tax collections apportional to the C;ity from the StatP <br />af �finnesota for street construction art: acc�unted for in this fund. Duriag the <br />year, er.penciit�.ires totaled $31,641 including $7,502 incuml�ered in connection wzth <br />the construction t;f. Civic Genter Drive. <br />CAPIT^�I, PR03ECTS FUND9 <br />C��pital projects funds are used to account for the proceeds from the sale of <br />bonds and other rec��r.ae rsed for the� ac:quisti.on of capital improvements b;a the <br />C;.ty. The following is a bri.ef description of eaciz. <br />II <br />