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Federal Fevenne Sharing Fund 'Phis fund was established to account for the revenue received from the Federal Government in accordance with the State and local "Fiscal Assistance Act of 1972". Expenditure of these funds can be made only in accordance with the provision of this act. The City's share of these Revenue Sharing Funds for the year 1978 �oas $176,144. General Debt S�ervice Fund Debt Seroice Funds are used for the accumulation of monies for payment of long- term general obligation bonds and interest. Property taxes provide the necessary revenue. Capital Project Funds . Capital projects funds are used to account for the proceeds from the sale of bonds and other revenue used for the acquisition of capital improvements by the City. Following is a brief description of each. Public Works Reserve Fund This fund was established by City ordinance No. 378. The monies in this fund shall be used for any purpose authorized by Tlinnesota Statute 471.57. Permanent Improvement Fund This fund was established to account for expenditures necessary for the construction, renovation or installation of facilities of a permanent nature-. Revenues necessary to finance these improvements may come from property taxes, grants or transfers from other funds. 'Phe fund had a deficit of $40,356 at December 31, 1978. The deficit occurred when only $20,000 of the 6udgeted $70,000 in revenue �aas transferred in 1976 from the Liquor Fund, LPW Storm Sewer Grant Fund This fand was established to account�for revenue received from the Federal Government for the construction of six small storm sewer improvements. This fund was closed in 1978. Chatsworth Park Fund This fund was established to account for revenue received from a State Grant for Chatsworth Park. The City Council did not approve the acquisition of the park site, and the grant monies will be returned in early 1479 Old City Hall Remodeling Fund This fund was establi.shed to account for the construction cost of remodeling the old city hall. Revenues necessary to cover the cost of coristruction were transfrred from the Revenue Sharing Fund. This fund was closed in 1978. State Grant Fund This fund was established to accounC for monies received from the State for the development of trails and tennis courts. Federal Grant Fund This fund �.as established to account for monies received from the Federal Government Por floo3 disaster assistanc.e. Lawcon Fund This fund was established to account for monies received from the State to acquire land for park purposes. F:qui.pment Revolving Fund This fund was estaUlished to purchase heavy macliinery and vehicular type equipnent. Revenue for the financin� of this equi_pment comes from the using departments in the form of depreciation type charges, property tax levies and transfers. 7