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' <br />A budgetary system of accounts is maintained for the general and <br />special revenue funds. Control is maintained by the use of a <br />purchase order system and the continuing review of actual <br />expenditures compared to budgeted amounts. Budget revisions are <br />done upon approval of a resolution by the City Council. The <br />financial statements of revenue and expenditures compared with <br />the budget in this report wouid reflect these revisions. Reserve <br />£or encumbrances is reported as part of the fund balance at the <br />end o£ the fiscal year. <br />City Financial HiQhliQhts Durina 1986 <br />1. The City has seen a continuing economic growth as illustrated <br />by 1986 Building Permit values of 547,324,000. <br />2. The General Fund Balance has continued to show a steady <br />growth by increasing 5427,371 in 1986. <br />3. The City has over 513 million infrastructure construction-in- <br />progress to facilitate economic growth and to increase the <br />physical well-being o£ the community. <br />4. Two shopping ma11s located north of Rosedale with a market <br />value of nearly 520,000,000 were completed in 1986. <br />Prospects for the Future <br />1. The City has continued to strengthen its economic development <br />effort. It is anticipated that several new tax increment <br />districts will be established in the near future. <br />2. A number o£ projects which include office space, shopping <br />malls, apartments, and condominiums are scheduled for completion <br />in 1987 and early 1988. Those current projects have an estimated <br />market value of S16 million. <br />3. The City has initiated s^_verai :conomic development studies <br />to c�ntinue its policy of p:anned growth. T'hose studies will be <br />completed in 1987. <br />4. Construction of a bridge over Interstate Highway 35W was <br />started in 1986. The bridge is scheduled to be completed in 1987 <br />and wi11 provide for re-development in an area fronting on <br />Interstate Highway 35W. <br />Impact o£ State Law on Municipal Taxes <br />Fiscal Disparities <br />The 5tate Legisiature enacted a Fiscal Disparity Law in 1971, <br />which was not implemented until taxes payable in 1975, due to <br />constitutionai challenge. The law provides for the pooling of <br />-3- <br />