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CAPITAL PROJECT FUNDS <br />Overview <br />Capital Project funds are used to account for the financial resources to be used for the acquisition or <br />construction of major capital facilities. The City of Little Canada has many Capital Project funds: <br />Other Capital Project Funds <br />•General Capital Improvement Fund (Fund 400) <br />•Infrastructure Capital Improvement Fund (Fund 450) <br />•10% Fund (Fund 408) <br />•Park Land Acquisition Fund (Fund 456) <br />•Fire Equipment Replacement Fund (Fund 457) <br />•Owasso/Woodlyn Redevelopment Fund (Fund 474) <br />TIF Capital Project Funds <br />•TIF 2-1 Kandice Heights (Fund 464) <br />•TIF 3-2 (Fund 440) <br />•TIF 3-3 The Lodge (Fund 441) <br />•TIF 5-1 St Jude (Fund 460) <br />•TIF 6-1 Masterpiece Homes (Fund 470) <br />•TIF 7-1 Suite Living (Fund 471) <br />•TIF 7-2 Bix Produce (Fund 472) <br />General Capital Improvement Fund: <br />This Capital Project fund is to account for major capital improvements and acquisition projects not accounted <br />for in another Capital Project fund. <br />Infrastructure Capital Improvement Fund: <br />The Infrastructure Capital Improvement fund is used to account for amounts received and the related <br />expenditures for the City’s parks and recreational activities. <br />10% Fund: <br />This fund is currently used to account for amounts received and related to the City’s charitable gambling <br />contributions used for community service project. The 2020 Budget includes a proposal to use part of the <br />contributions for contracted law enforcement activities. This is an allowed use of the contributions. <br />Park Land Acquisition Fund: <br />The Park Land Acquisition Fund is used to account for allowed used of park acquisition fees. <br />Fire Equipment Fund: <br />This fund is used to account for amounts received and related to fire department equipment purchases. <br />Owasso/Woodlyn Redevelopment Fund: <br />This fund is used to account for amounts received and related to expenditures of the Owasso/Woodlyn <br />Redevelopment Area. <br />TIF Funds: <br />These funds are used to account for amounts received and related project expenditures in the City’s TIF <br />Districts. A proposed TIF Budget is not ready for the TIF Funds. Staff would like the opportunity to study the TIF <br />Plans and the budgets as they relate to these TIF Plans. The TIF Budget will be ready for the final budget <br />adoption. There are not any TIF districts decertifying that will impact the 2020 property tax levy. <br />DRAFT DOCUMENT 65