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CapiCal Projects Funds (Continued)
<br />The fund had a balance of $519,678 on December 31, 1979
<br />was received from the State for the following projects:
<br />78-29 County Road G2, Snelling to Hamline
<br />77-28 Roselawa, Snelling to Fairview
<br />7$-15 fIighcrest
<br />78-30 Iona Lane
<br />78-17 County Road C••2, Long Lake Road to
<br />01d Highway 8
<br />78-2 Tdester.n Avenue
<br />SNecial Assessments Funds
<br />During 1979, $900,291
<br />$219,342
<br />77,093
<br />152,636
<br />111,487
<br />133,794
<br />205,939
<br />Special Assessment Funds are used to finance and account for the construction and�
<br />financing of certain public improvements such as residential streets, storm sewers,
<br />sanitary sewers and water mains which are to be paid for wholly or in par�t from
<br />special assessme.nts levied against benefited property.� The transactions accounted
<br />for in the consttuction fuads are the receipt of bond groceeds and disbursements
<br />f�r construction work completed. The debt service funds account for the collection
<br />of assessments against benefited property oe:ners and disbursements for the payment
<br />of bond principal and interest.
<br />Deferred ta�; levies are used to finance the City's share of the improvement cost.
<br />Enterprise Funds
<br />Enterprise Funds account for the financing of services to the general public in
<br />whic:� a11 or most of the costs involved are paid in the form of�charges by the user
<br />, of such servi.ce. Except for ownership, these funds closely resem6le�a privately
<br />owned business.
<br />' The Liquor Fund accounts for the operation of the off-sale liquor stores. The City
<br />� had three off-sale liquor stores on January l, 1979, but the Hamline Store was
<br />closed on June 30, 1979, and the Lexington Avenue Store will be closed by
<br />� Sune 30, 1980.
<br />;
<br />' Belo�a is a summary of the off-sale liquor operation:
<br />Sales
<br />Cost of sales
<br />Gross profit
<br />Selli�g expense
<br />General e�pense
<br />Tota3, operating expense
<br />Operating income
<br />Non-operating revenue
<br />Net ineome
<br />1979
<br />$1,018,886
<br />759,559
<br />$ 229,327
<br />$ 144,845
<br />48,129
<br />$ 192,974
<br />$ 36,353
<br />10,495
<br />$ 46,848
<br />G�
<br />1978
<br />$1,076,682
<br />836,857
<br />$ 239,825
<br />$ 158,142
<br />44,401
<br />$ 202,543
<br />$ 37_,282
<br />625
<br />$ 37.907
<br />1977
<br />$1,009,580
<br />790,141
<br />$ 219,439
<br />$ 151,491
<br />41,528
<br />$ 193,019
<br />S 26,420
<br />532
<br />$ 26,952
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