Annual_Report_1989_001 - Laserfiche WebLink

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Capital Projects Funds Capital projects iunds are used to account ior financial resources used for the acq_uisition of capital facilities and equipment. 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 inter-governmental revenue. Expenditures of $672,376 were made from this fund in 1989. 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 user department, interest, inter- governmental revenue, and property tax. 1989 expenditures made from this fund were $228,327. The State Grant Recreation Fund accounts for monies to be used for the acquisition of land and the development of parks. The Minnesota State Aid fund accounts for revenues and expenditures which are to be used for the construction and reconstruction of projects to be funded with State Aid monies. The Infrastructure Replacement fund accounts for revenues and expenditures related to replacement of public improvements which are being primarily funded from a special tax levy. The Special Assessment Construction fund accounts for all monies which are directly associated with public improvements funded from special assessments. 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 financing districts. Tax Increment Districts The City Council took action on October 13,"1982, to form a. Municipal Development District and two Tax Inc�ement Financing Districts, with an additional Development District and Tax Increment Financing District being formed in 1984. In 1985, the City substantially modified its Tax Increment Plans to create one development district and several tax increment districts. In 1989 the City formed an additional tax increment district bringing the City's total to ten as of December 31, 1989. The City Council is responsible for administering the tax increment projects. :.