Annual_Report_1980_001 - Laserfiche WebLink

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ital Proiects Funds Capi�al projects .-"-unds acceunt for che proceeds of ger.eral obligation bonds and other monies used for the acquisition of caFital `acilities and eouipment. The Publ.ic iaorks Reserve Fund was established by City Ordinance No. 378 an�.i can be used for any purpose authoriz.ed 'oy MinnesoCa Stacute 4i1.57. A transfzr of $�.;),000 caas made irom t6is fund to the Permanent Improvement F�.:nd. \�o other expendi.tures were �rade fron th�is fund iri 198C, The P2tmanent Improvement Fund accounts for ex.penditr�r2s made durina the construction renovetion or installat�ion oi faciliti.es ot-a pzrmanert nat!r�e. Revenui: r_o finar.ce these improvemen.ts came irom general. oroperty taxes and a transfer from the Public 4dorks Reserve Fund. The l.ar��c:�t zxpenditure was $40,72� for soccer iields. '�,.. The Equipment Fund accounts for the purchase of heavy ^achinery and vehicular type � equi.pment. Revenue for the f;_n�l;.�,'..na of t_hi.� zquipment comes fr,m the using _ department in the forr� of user charges, genzral proner-�r tax and transiers from '�, other funds. Expendi�ures were for police and recreational vehicles ar.d onF mi_di ''� pumper for the iire department. The State Grant for Recreation accounts for monies to 'oe used in the devel.00mer.� of cr�ils, t�nnis courts and orFFr nark purposes. The Stare-Aid Street Cor.struction Fund accounts for mo�.-�ev received frcm g�soiine tax collzctions appo_tie�ne.�, to �i�ie City frua� the State ior .�_reet construction. This money becomes available to the City as construction projects are approved 'oy the State. ia1 Assessment Funds Soecial Assessment Fuads are used to account for tne c�ebt service and constructioa �� of certain pubiic improvements such as residential streets, sterm sewers, sa-^.i'�ar7�'� � sewers and water mains which are to be paid ior wholly or in part from special - � assessments levied againsc 5enef-i_ted property. T_he deot servicc funds"are used to account for the payment of malured principal and interest on the bonds, with both the current and fuLure princinal installments on rhe bonds payable shown as a liability on the balance sheet. ihe assecs offsetting this iis'oility are cash, investments and special assessments receivable. The main difference between these items and bonds paya'o1e are deferred tax levics tota:ing $8,33?,837, which are used to finance the Citv's share of the improvement cost. mhe nar�dling of deferred tex levies in �he fir.ancial statements is eapLaiaed in the "Notes to the Financial StatemenLs". During tne preparation of the annual budget the debt service iunds��are`�reviewed to determine the status oi` the deferred tax levies f.or a11. bond issues. Future interest on special assessments is not recorded uetil the year it becomes receivable, nor is -uture interest payable recorded unkil it becomes due. Ei:terprise Funds Enterprise Funds which a1i or most �� of suc;t service. owned business. account for the financing of service=_ to the general public in of the costs involved are paid in the form of cnarges by ihe user Except for ownership, these iunds c_osely resemble a privately 7