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SPECIAL REVENUE FUNDS <br /> <br />Overview <br />Special revenue funds are used to account for revenue derived from specific revenue sources that are legally <br />restricted or committed to expenditures for specific purposes. The City of Little Canada has four Special <br />Revenue funds: <br />• Economic Development Fund (Fund 105) <br />• Parks & Recreation Fund (Fund 201) <br />• Cable TV Fund (Fund 202) <br />• Recycling/Trash Fund (Fund 203) <br /> <br />Economic Development Fund: <br />This special revenue fund accounts for the amounts received and spent of economic related activities. The Little <br />Canada Economic Development Authority (EDA) is a legally separate entity related to provide financing for <br />economic development within the City of Little Canada. The governing board of the EDA is appointed by the city <br />Council, and is substantially the same as the City Council. <br /> <br />Parks & Recreation Fund: <br />The Parks & Recreation Fund is used to account for amounts received and the related expenditures for the City’s <br />parks and recreational activities. <br /> <br />It is proposed to move the recreation services contract from the General Fund to the Parks & Recreation Fund to <br />move accurately accounts for recreational programming. In addition, it is proposed to remove the transfer out <br />from the Parks & Recreation Fund to General Fund. <br /> <br />Cable TV Fund: <br />This Special Revenue fund accounts for revenue and expenditures related to cable TV, internet, and other forms <br />of communication. Revenue for this fund comes primarily from cable franchise fees. These cable franchise fees <br />have traditionally been used for expenses in the Cable TV Fund but staff will continue to identify other <br />appropriate expenditures that may be funded with the cable franchise fees. <br /> <br />Recycling/Trash Fund: <br />This Special Revenue fund accounts for revenue and expenditures related to the operation of the City’s <br />organized trash and recycling collection program. The organized trash hauler contract will expire at the end of <br />2021. A new contract will need to be negotiated in 2021. <br /> <br /> <br />DRAFT DOCUMENT -9/3/2020 66