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ial Assessment Fund
<br />The Special Assessment Fund is used to account for the financing and construction
<br />of public improvements such as streets, storm sewers, sanitary sewer and water
<br />mains which are to be paid for wholly or in part from special assessments levied
<br />against benefited property. This ftmd i.s used to account for the payment of
<br />matured principal and interest on the Uonds, with both the current and future
<br />principal i.nstallments on the Uonds payable shown as a liability on the balance
<br />sheet. The principal assets offsetting this liaUility are cash, investments and
<br />special assessments receivable. Future interest on special assessments is not
<br />recorded until tha year it becomes receivaUle, nor is future interest payable
<br />recorded until it becomes due.
<br />The main difference betiaeen the assets and bonds payable are deferred tax
<br />levies totaling $7,389,000, which are used to finance tlie City's share of
<br />the improvement cost. Tlle handling of deferred tax levies in the financial
<br />statements is explained in the "Notes to the Financial Statements". During
<br />the preparation of the annual budget, this fund is reviewed to determine the
<br />status of the deferred tax levies for all bond issuesa
<br />Enterprise Funds
<br />Enterprise Funds account for the financing of services to the general public in
<br />which all or most of the costs involvecl are paid in the form of charges by the
<br />user of such service. Except for ownership, these funds closely resemble a
<br />privately-owned business.
<br />The Liquor Fund accounts for the operation of one off-sale liquor store. The
<br />City had three off-sale liquor stores on January 1, 1979, but the Hamline store
<br />was closed on ,Iune 30, 1979, and the Lexington store was closed on June 30, 1980.
<br />The operating transfer of $153,978 was for damages caused by the tornado on June
<br />14, 1981. Below is a summary of tlie off-sale liquor operation:
<br />Sales
<br />Cost of sales
<br />Gross profit
<br />Selling expense
<br />General expense
<br />Total operating
<br />expense.
<br />Operating income
<br />Nonoperati��ig reveitue
<br />Income before operating
<br />transfers
<br />Operating transfers to
<br />other City funds
<br />Net Income (Loss)
<br />1981
<br />$650,780
<br />486,924
<br />$163,856
<br />$ 84,535
<br />26,238
<br />$110,773
<br />� 53,083
<br />32,305
<br />� 85,3s�8
<br />(153,973)
<br />$(68,590)
<br />-s-
<br />1930 1979
<br />$846,091 $1,018,886
<br />645,834 789,559
<br />�200,257 $ 229,327
<br />$ 95,956 $ 144,845
<br />44,325 48,129
<br />$140,281 $ 192,974
<br />$ 59,976 $ 36,353
<br />Z1,409 10,495
<br />� 81,385 � 46,848
<br />(50,000)
<br />� 81,355 � (3,152)
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