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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS - (CONTINUED) <br />9ECEMBER 31, 1987 <br />Note 2 - Accounting Change (Continued) <br />Fund <br />De6t Service Funds: <br />City General OhLigation eonds S <br />Tax Increment District <br />State MSA Bonds <br />Speciat Assess. G.O. Bonds <br />Capitat ProjecTs Funds <br />Equipment <br />State Aid Construction <br />Permanent Improvement <br />State Rec�eation G�ant <br />Special Assessment <br />6ridge Project <br />Tax Increment Projects <br />Intrastructure Reptacement <br />Increase (�ecrease) <br />1987 <br />(125) <br />3,936 <br />10,453 <br />157.171 <br />S 171,435 <br />244,919 <br />949,021 <br />(337,490) <br />2,044 <br />(5,368,209) <br />(5,9�2,014) <br />87,673 <br />S(10,334,056) <br />1986 <br />S (2,493) <br />267,276 <br />(41,294) <br />S 223,489 <br />2,�30 <br />144,504 <br />168 <br />(445,103) <br />(1,916,320) <br />(9,065,021) <br />S(11,279,642) <br />The fund haLances of the Oe6t Service Fund and Capitat Projects fund for 1/1/86 increased 528,196,243 <br />and 82,481,023 respectiveLy. <br />Note 3 - Fund Deticits <br />Special Assessment Construction - A tund 6aLance deficit of 83,332,289 did exist as of Decemher 31, 1987. <br />� 7he deficit arose from a delay of issuing the annual improvement 6onds. A 54.5 million improvement. bond <br />��, ��issue uas completed in March, 1988. <br />ypje 4- Exoenditures in Excess of eudget <br />Federal Revenue Sharing iund - 1987 expenditures were for budgeTed items in prior years which were <br />unspent but reserved. With the termination of FederaL Revenue Sharing, future expenditures wiLL exceed <br />6udget until all prior budget funds have been expended. <br />Economic Oevelopment Fund - Expenditures for 1987 exceeded budget by 831,061. The over6udget uas the <br />resutt of additionaL activities related to economic deveLopment. The additionat deveLopment activity <br />aLso resuLted in additional revenue to the fund of 870,067. As a result, the fund balance did increase <br />by S39,OD6 for 1987. <br />-34- <br />