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SCale-Aid Fund This imld �aas establishe�d to account for monies received from <br />gasoline tas collecti_ons apperti.oned to the City from the State for street <br />construction. This �und balance at Decernber 31, 1978, o�as $1,237,�i78 and becomes <br />available to the Citp as construction projects are approved by tiie State. <br />�cial Assessment Funds <br />Special assessment funds used by the City are either for construction or deUt <br />service. Transactions accounted for in ti�e special assess-ment constsuction funds <br />are pri.marily recei.pts of boed proceeds and disbursements of bond proceeds for <br />constructi_on work done. 5pecial assessment debt service funds are used to account <br />for collection of assessments against benefited propertq and disbursement of <br />sssessnent collections for the pay�ment of: bonds and interest. Deferred tas levies <br />are set up to finance the City's share of the i.mprovement costs. <br />Duri.ng the past year $1,265,000 of bo�:�ds were retired, resulti�ng in a balance of <br />$11,730,000 outsL-anding as of December 31, 1978. No special assessment bonds <br />were sold in 1978. Payments for current construction costs were f-inanced <br />internally. <br />i r�nri_etary I'unds <br />Propri.etary funds account f�or =L^e financinp of services to the ;�,eneral puU'_i_c <br />in which all or most oi the cosC involved �re paid in the form of charges by <br />the users of such service. Follocaing is a brief deseription and operating <br />summary of each fund. <br />Li.quor iund This fund was established to account for the operation of the <br />th��ee City-owned municipal ofi-sale liquor storeso <br />Sales <br />Cost of sales <br />Gross profit <br />Operating expense <br />Admiristrative expense <br />Operating income (loss) <br />Other income <br />Net incone <br />1978 <br />51,07b,682 <br />836,857 <br />S 239,825 <br />S 158,142 <br />44,401 <br />$ 37,282 <br />625 <br />S 37.907 <br />Transfers to other funds $ <br />Equivalent mill rate <br />of transfers <br />-0- <br />� <br />L�)il <br />$1,009,580 <br />790,141 <br />$ 219,439 <br />$ 151,491 <br />41,528 <br />$ 26,420 <br />532 <br />$ 26,952 <br />$ 25,000 <br />i4 <br />1976 <br />$ 989,860 <br />794,062 <br />$ 195,79�3 <br />$ 159,334 <br />_ 41,420 <br />$( 4,955) <br />8,014 <br />$ 3,053 <br />$ 20,000 <br />12 <br />Se�aer Fund This f�nd was established to account for the operation of the City- <br />owned sewer system. To ensure that the� setaer utility remains on a fiscally <br />sound hasis tile Ci.ty reviews the rate st_ructure annually and the rates have Ueen <br />adjusted each of the last three years. <br />During 1971 the ownership of [he City sewer interceptors was transferred to the <br />bic-tropolitan Waste Control Com�ission. Payment for the. interceptnrs wiil be <br />made `o the City by the Commission by means of issuing credits ov�r a thi..rty- <br />y�ar period against future sewer charges. <br />R <br />