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� • . a ,, . <br />�7�7u: t•c 'r`: <br />�..' ��>. .�� . 'r�. <br />T6e City implemented we � tal pcco �nt'nQ cr Ia i Bo rd S at m� No 31 Acco�iny ^�� Fna*�r;nl R.rwR�^S for Ce in <br />i v I for *t«,+w� nveatme � Poolx during 1998. 1Le tranaition to repoRing fair values for investmente raquired en adjustmen[ <br />to the prior year fuod batance in various fi,ud catgories. The prior year edjvahnent hecl tbe following effect on tbe funci types: <br />Govermental Fund 1Wce <br />Ganaral Funl <br />Debt Service Futxls <br />Capital ProjecLs Funcls <br />Total Goveromental Fundc <br />Proorietarv Fundc <br />Entetprise Furcls <br />Tnteroal Service Fwds <br />Total Proprietary Fu�ds <br />Be�ouing Fund Balance <br />(Retained F.arnings) on <br />.T��p� 1. 1998 <br />$4,027,720 <br />7,801,838 <br />23 084.689 <br />534.914.247 <br />S5,263,031 <br />� <br />:� � <br />Prior Year Correction for <br />Recording Fair Value of <br />investmenL <br />5184,852 <br />270,376 <br />942.271 <br />5 t 397.499 <br />31,248,622 <br />1 1 <br />�'—'� <br />Restated Beginning Fund <br />Balance (Retained Earnings) <br />as of January 1,1QQ$ <br />a a,ziz,s�z <br />8,072,214 <br />24.026.960 <br />53631I 746 <br />$6,511,653 <br />��. '/rdR'E[Ij <br />:� <br />NO[ - F^rvrvlih�ra¢ in Fxcecc o( $LL�e 1 TM� Defici[ �n F� � Bri� �CC� <br />The Generel Fuud - axpenclilures exccedacl the 1998 buclget by 536,371. <br />7'6e Rec;r�tioo Spaciel Rev�e Funl - expeoclitures ezceeclecl the 1998 budget by $160,660. The Recreation funcl deficit as of December <br />31, 1998, totaleci 51,498,552. <br />1'he W'velase Sp�ial Ravenue Fund - espenclitures for 1998 exceecled budget by $I6,850 anci enclacl the year with a funcl balance deficit <br />of$622,040. <br />The Sotid Weste Racycling EoterpriseFuncl - endecl the year with a retninecl eamings deficit of $33,492. <br />With tha azcepfion of t6e Recreation funcl, no remeclial action is required for these excess expenclituree or fiud deficits. The Recraation <br />opeiations were reorgxoiiiecl 6i 1994 and inclixled the combining of the ice arena end John Rose Mimesota Oval into the Racrea[ion Fund. <br />'('6e City }�es pr�arecl azd nnpleme[¢ed a mil[i-year busi�ess plen to eckiress the fisexl arcl operetional matters reletei! to gecerul recrea[io�l <br />de��rcls. <br />'['k�e W'vele�ss fuocl was eefeblishecl to eccount for the puret�ese of parklancl. The site will also be usecl for a communieatious tower which <br />is expacted to provide renfal i�come of about SSO,G00. Tne rents are scheelcled te pay for the lancl E,urchuse in approximately 20 years. <br />34 <br />