Annual_Report_1986_001 - Laserfiche WebLink

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The Equipment Fund accounts £or the purchase of heavy machinery and other motorized type equipment. Revenue for the financing of this equipment comes from the user department, interest, inter- governmental revenue, and property tax, 1986 expenditures made irom this fund were S182,489. The State Grant Recreation Fund accounts for monies to be for the acquisition of land and the development of packs. The Bridge Project Fund was established to account for revenues and expenditures associated with the construction part of a bridge over I35 W aC County Road B2. This fund closed out in 1986. used the of was The Tax Increment Project Fund was established to account for the revenues and expenditures for the various projects associated with the creation of the various tax increment £inancing districts. Special Assessment Fund The Special Assessment Fund is used to account for the construction and financing of public improvements which are paid £ully or in part from the special assessments levied against the benefited properties. The fund balance deficit of 52,459,130 exists because of the application o£ generally accepted accounting principles to the financial reporting of deEerred special assessments of 53,251,575. (See Note 3 to the financial statements). Enterprise Eunds Enterprise Funds general public paid in the form £or ownership, business, account for the financing of services to the in which all or most of the costs involved are of charges by the user of such service. Except these £unds closely resemble a privately-owned The Sanitary Sewer Fund accounts for the operation of the sewer system with 9,228 customers currently being billed. The City reviews its financial position and the rate structure annually. Excess fund balances are used to finance current operations. Rates have increased each year for all types of users each year since 1984 to cover increased cost from the Metropolitan Waste Control Commission (MWCC). Approximately 79% of the sewer operating expenses, including depreciation on the distribution system, are for sewage service provided by the MWCC. Consequentiy, the sewer rates are in a large part determined by the MWCC. Sewer rates are not calculated to generate revenues to offset depreciation on the distribution system, since these assets were originally financed by special assessments and £uture replacement of these assets is planned to be financed by special assessments. -10-