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The Assist Grant Fund was established in 1996 to account for a grant awarded to the St. <br />Paul/Ramsey County Assist Coalition for a special tobacco control project. The City acts as <br />fiscal agent for the project by investing the grant money received and making disbursements as <br />directed by the Coalition. <br />The Bond Series 16 & 17 Agency Fund was established in 1996 to account for escrow <br />payments received from the escrow agent and to account for the payments to the bond holders <br />of Series 16& 17 Pubiic Improvement General Obligation bonds which were advance <br />refunded. <br />- . � • �; <br />,�,��,.��...-.�_a.-•-•=--=---- - <br />General fixed assets (public domain) consist of roads, bridges, curbs and gutters, streets and <br />sidewaiks, lighting systems, and equipment necessary to service the general governmental <br />functions of the City. Such assets are not depreciated. <br />Genera] fixed assets are no[ capitalized in the funds used to acquire or construct them. <br />Instead, capital acquisition and construction are reflected as expenditures in governmental <br />funds, and the related asseis are reported in the generaI fixed assets account group. All <br />purchased fixed assets are valued at cost where historical records are available and at an <br />estimated historical cost where no historical records exist. Donated fixed assets are valued at <br />their estimated fair market value on the date received. <br />-�- .•�. • �� �•� : •.� . . <br />General long-term debt is used to account for general obligation improvement bonds, general <br />obligation ta�c increment bonds, accrued vacation pay and compensatory time off for <br />governmental fund types, and other forms of long-term debt supported by general revenues <br />which are obligations of the City as a whole and noC its individual funds. <br />Revenue Limitations <br />The State L.egislature enacted a Fiscal Disparity L.aw in 1971, which was not implemented <br />until ta�ces payable in 1975, due to a constitutional challenge. The law provides for the <br />pooling of forty percent of all new commercial and industrial property valuations in the seven <br />county metropolitan area. In turn, valuations from this pool are to be redistributed to taxing <br />jurisdictions according to specific criteria. Although it is difficult to determine the future <br />impact of the Fiscal Disparity Law on the City, the law had the effect of reducing taxabie <br />valuation as follows: <br />0 <br />