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including the golf course and ice arena, and is responsible ior <br />the maintenance in all twenty-four City-owned parks. <br />The Federal Revenue Sharing Fund accounts for the revenues and <br />expenditures of revenue sharing monies. Revenue sharing funds <br />from 1972 through 1966 were $2,473,295. The City does not <br />anticipate any additional Revenue Sharing money but will maintain <br />the Fund until all revenues have been expended. The majority of <br />these Revenue Sharing funds was expended for capital improvements <br />as opposed to recurring expenditures. <br />The Economic Development Fund accounts for the revenue and <br />expenditures used to promote economic development in the City. <br />The Community Development Block Grant fund accounts for the <br />revenues and expenditures associated with the block grants <br />awarded to the City through Ramsey County. <br />The Charitable Gambling fund accounts for funds collected by the <br />City from licensed charitable organizations to cover the costs of <br />enforcement of City gambling ordinances. <br />The Local Development Corporation accounts for funds received <br />from block grants and other sources for the special housing needs <br />related to low and moderate income people. <br />Debt Service Funds <br />These funds are used for the payment of general obligation and <br />tax increment bond principal and interest. Property taxes, <br />assessments to benefited properties, state aid and tax increments <br />provide the necessary revenue. The City has $350,000 in general <br />obligation bonds, $14,755,000 in general obligation improvement <br />bonds, $2,155,000 of general obligation state highway bonds, and <br />$22,620,000 in general obligation tax increment bonds outstanding <br />at the end of 1988. <br />Capital Projects Funds <br />Capital projects funds are used to account for financial <br />resources used for the acquisition of capital facilities and <br />equipment. <br />The Permanent Improvement Fund accounts for expenditures made <br />during the construction, renovation or installation of facilities <br />of a permanent nature. Revenue to finance these improvements <br />came from general property taxes, interest and inter-governmental <br />revenue. Expenditures of $447,638 were made from this fund in <br />1988. <br />The Equipment Fund accounts for the purchase of heavy machinery <br />and other motorized type equipment. Revenue for the financing of <br />this equipment comes from the user department, interest, inter- <br />governmental revenue, and property tax. 1988 expenditures made <br />from this fund were $255,358. <br />7 <br />