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The Permanent Improvement Fund accounts for expenditures made during the construction, renovation or installation of facilities of a permanent nature. Revenue to finance these improvements came from general property taxes, interest and transfers. Expenditures of $149,150 were made from this fund. The Equipment Fund accounts for the purchase of heavy machinery and other motorized type equipment. Revenue for the financing of this equipment comes from the using department, general property tax and transfers made from other funds. Expenditures of $136,299 were made from this fund. The State-Aid Street Construction Fund accounts for money received from the State for street construction. This money becomes available to the City when specific construction projects are approved by the State. The State Grant Recreation Fund accounts for monies to be used for the acquisition of land and the development of parks. The Tax Increment Fund was established to account for the revenues and expenditures associated with the creation of various tax increment financing districts. Special Assessment Fund The Special Assessment Fund is used to account for the construction and financing of public improvements which are paid fully or in part from the special assessments levied against the benefited properties. The cash and investment balance of the fund increased from $8,974,193 in 1983 to $9,049,361 in 1984. The fund balance deficit of $(3,072,478) exists because of the application of generally accepted accounting principles to the financial reporting of deferred special assessment revenues of $2,846,172 and the deferred tax levies of $10,678,850 for this fund. (See Note 2 to the financial statements). Enterprise Funds Enterprise Funds account for the financing of services to the general public in which all or most of the costs involved are paid in the form of charges by the user of such service. Except for ownership, these funds closely resemble a privately-owned business. The Liquor Fund accounted for the operation of one off-sale liquor store. This store was closed by the City Council on August 31, 1984. The operating loss was primarily due to additional expenses incurred with closing of the store. Private off-sale liquor licensed wi31 be issued in the future. -8-