Annual_Report_1977_001 - Laserfiche WebLink

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SPECT9L I2F��Et�'U� FUNDS (Gontinued) Contingency Fund - This fund is used to meet emergency conditions which cannot be foreseen. Transiers from the Contingency Fund require a Council agproval of four members. During 1977, transfers were nade to the following fun3s: General Fund $154,732 Recreation Fund 12,773 ,5�167,505 The fund o�as closed at December 31, 1977 into the General Fund and wiil be reported as a separate function in the General Fundo Public Worlcs Reserve Fund - The functions of this fund are established by Mi.nnesota Statutes. During 1977, transf:ers of $6,000 to the Permanent Improvement Fund, $56,000 to the Equipment P.evolving F'und and $9,488 to the Ice A-rena Fund were made to help finance the cost of improvements fi.nanced in those funds. The iund has a balance of $141,320 remaining at December 31, 1977. Firemen's Relief- Fund - This fund was closed during 197/. Poli.cemen's P.elief Fund -£teveaues are derived from a 2% premium tax on au::o in;urance. Expendi.tures cnnsist of transfers to the General Fund to be used te finance part of the City's police pension cost. The fuad had a balance of $104,846 at Decceber 31, 1977. Federal Reve,nue Shari�Fun3 - This fund cvas established to ar_count for revenue received from the Federal Government in accordance �oith the "State and To�zl Ftsc:�l Assis�ance Act of 1972e" Expenditures can only be made from t'�is fund as outline3 in the Act. The revenue for 1977 was $192,264 including $17,204 interest earned from investments. Expenditures totaled $143,612 of which $100,000 was used in th� financing of tne cost of remodelin� the old City ilall anci $33,612 used for the purchase of a fir.e trucl:. State-Ai3 I'imd - Gasoline tax collecti.ons apportioned tc the City from th� State of Minnesota fo-r street construction are accounted for in this firnd. Thcre tr,::; a tran�fer of $Ih,21$ made during the year to tha Special Assessm�nt Constr.uc�ic.t Fund "teaving a fur.d balance at Decemt�er 31, 1977 of $974,835. This m�x:ey becumes available as construction projects are approved by the State. CAYI7'AI. Yki)7ECTS PDNDS Capi.tal projects funds are i�sed to account tor the proceed> from the s+ale o.{ bon:':.s and oth��r rever!ue used for tlze acquisi.tiori of capital improvements by the City. Followia� is a br.ief descriptinn of. each. LPi; Storm Se•;��r. (:rant F'und - This fur.d wa-; establi.shecl to �ccosn� for r��ver.ue receive�� fron� thr_ Federcil. Goverument fer the corstruction of si.:. sma il storm. ; a.eae.r. impro�enrant„ The fund balance at December 31, 1.977 was $�,562. LAWCO:v Ft:r.d - Revenue oi $4f3,9iU recei�e' i�� 1�375 through a grant fro:ii the State of Minn�.-�sota 'ogether with aa eqixal annunt trar.sferreu from the General I'und i.s us<d to acc(uire>. land for pax'l: purposes, Lxp�nditiires for the year tota7E� $t;00 I2avitig a fnnd balan.ce availabJ.e ic±r future land acquisitions of` S10,7&�2. III