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<br />Fund Outlook
<br />There are sufficient revenues to fund the improvements identified for the next five years. 2019 Estimate 2020 2021 2022 2023 2024 Revenues $18,500 $28,000 $27,900 $23,300 $19,800 $16,300 Expenditures 360 35,380 330,390 255,400 255,410 5,420 Net inc./(dec.) in fund balance 18,140 (7,380) (302,490) (232,100) (235,610) 10,880 Beginning Fund Balance $1,180,410 $1,198,550 $1,191,170 $888,680 $656,580 $420,970 Ending Fund Balance $1,198,550 $1,191,170 $888,680 $656,580 $420,970 $431,850
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<br />Fire Equipment Fund (Pages 34)
<br />Background
<br />The Fire Equipment Fund was created in 2013 to accumulate funds for future fire apparatus purchases.
<br />The proposed property tax levy is at a constant level of funding of $160,000 for the next five years.
<br />
<br />Source of Funds
<br />The property tax levy is main source of funding for this fund. In addition, the Little Canada Fire
<br />Department makes contributions to the Fire Equipment Fund.
<br />
<br />Significant Highlights in Future Years
<br />The next significant fire equipment purchase is an aerial truck that is scheduled to be purchased in 2022.
<br />This truck will replace a 1992 Aerial. A committee will be formed in 2020 to begin the process of
<br />identifying the specifications and process for this purchase.
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<br />Fund Summary
<br />With a property tax levy of $160,000 per year, the fund will have sufficient funds for the fire apparatus
<br />purchases in the next five years. 2019 Estimate 2020 2021 2022 2023 2024 Revenues $210,300 $177,100 $178,100 $180,700 $163,200 $163,200 Expenditures 116,175 0 0 1,352,000 80,560 0 Net inc./(dec.) in fund balance 94,125 177,100 178,100 (1,171,300) 82,640 163,200 Beginning Fund Balance $932,736 $1,026,861 $1,203,961 $1,382,061 $210,761 $293,401 Ending Fund Balance $1,026,861 $1,203,961 $1,382,061 $210,761 $293,401 $456,601
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<br />10% Fund (Pages 35)
<br />Background
<br />The 10% Fund accounts for the amounts received and related to the City’s charitable gambling
<br />contributions. These funds may only be used for expenditures identified in Minnesota Statutes, section
<br />349.12(7)(a).
<br />
<br />Source of Funds
<br />The 10% Fund receives 10% of net profits derived from lawful gambling in the City as identified in the
<br />City Code 815.030 and as allowed by the State.
<br />
<br />Fund Outlook
<br />The all-inclusive playground equipment at Spooner Park was funded with the 10% Fund in 2018. Only
<br />operating expenditures (contribution to Canadian Days Fireworks) have been identified to be funded
<br />from this fund through 2024. There are sufficient revenues to fund the expenditures identified for the
<br />next five years.
<br /> 2019 Estimate 2020 2021 2022 2023 2024
<br />Revenues $42,000 $22,600 $22,900 $23,100 $23,400 $23,600
<br />Expenditures 37,901 6,500 6,500 6,500 6,500 6,500
<br />Net inc./(dec.) in fund balance 4,099 16,100 16,400 16,600 16,900 17,100
<br />
<br />Beginning Fund Balance $38,295 $42,394 $58,494 $74,894 $91,494 $108,394
<br />Ending Fund Balance $42,394 $58,494 $74,894 $91,494 $108,394 $125,494 9
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