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Special Revenue Funds (Continued) <br />The "State and Local Fiscal Assistance Act of 1972" as amended in 19'6 and 1980, <br />provides the City with Federal Revenue Sharing Funds. The purpose of this fund <br />is to account for the revenues and espenditures of revenue sharing monies. <br />Revenue sharing funds from 1972 thru 1981 were $1,752,037, including funds of <br />$189,060 for 1951. The following expenditures were made in 1931: <br />Department Amount <br />Fire $19,449 <br />Recreation 45,008 <br />Tota1 �6d,457 �'`" � <br />rr <br />.rt . <br />Debt Service Funds '�'�"���� " � <br />, ti�,,��� <br />This fund is used for the accumulation oF monies for payment of general <br />oUligation bond principal and interest.!l Property taxes provide the necessary <br />revenue. The City has an �850,000 issue for the City Hall dated May 1, 1975, <br />and a$650,000 issue for parks dated Jwie 1, 1962, outstanding in this fund. <br />Capi.tal Projects Funds <br />Capital projects funds account for the proceeds of general obligation bonds and <br />other monies used for the acquisition of capital facilities and equipment. The <br />Public Works Reserve Fund was established by City Ordinance No. 378, and can be <br />used for any purpose authorized by Minnesota Statute 471.57. No expenditures <br />were made from this fund in 1981. <br />The Permanent Improvement Fund accounts for expenditures made during the <br />construction, renovation or installation of facilities of a permanent nature. <br />Revenue to finance these improvements came from interest income and general <br />property taxes. Expenditures of �28,999 were made from this fund. <br />The Equipment Fund accounts for the purchase of heavy machinery and vehicular- <br />type equipment. Revenue for the financing of this equipment comes from the <br />using department in the form of user cltarges, general property tax and transfers <br />from other funds. Hxpenditures of $42,799 and $36,290 were for police and <br />recreational vehicles. <br />The State-Aid Street Construc�ion Fund accounts for money received from gasoline <br />tax collections apportioned to the City from the State for street construction. <br />This money becomes available to the City when construction projects are approved <br />by t11e State. <br />The Storm Reconstruction Fund was establislted to account for tlle expenditures <br />made by the City as the result of damages that occurred-in_the City during the <br />tornado on June 14, 1981. Total expenditures of $153,975 were paid for by a <br />transfer from the Liquor Fundo _---- -' <br />e�e <br />