|
Fire Equipment Fund (Page 35)
<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 of the LCFD was formed in 2020 to begin the process
<br />of identifying the specifications and process for this purchase.
<br />
<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. 2020 Estimate 2021 2022 2023 2024 2025 Revenues $220,785 $172,600 $173,600 $161,900 $162,700 $164,300 Expenditures 61,484 63,700 1,352,000 80,560 - 623,805 Net inc./(dec.) in fund balance 159,301 108,900 (1,178,400) 81,340 162,700 (459,505) Beginning Fund Balance $1,095,728 $1,255,029 $1,363,929 $185,529 $266,869 $429,569 Ending Fund Balance $1,255,029 $1,363,929 $185,529 $266,869 $429,569 $(29,936)
<br />
<br />10% Fund (Page 36)
<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 City
<br />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 and 2019.
<br />Only operating expenditures (contribution to Canadian Days Fireworks) have been identified to be funded
<br />from this fund through 2025. There are sufficient revenues to fund the expenditures identified for the
<br />next five years.
<br /> 2020 Estimate 2021 2022 2023 2024 2025
<br />Revenues $22,600 $22,900 $23,000 $23,200 $23,300 $23,500
<br />Expenditures - 7,500 7,500 7,500 7,500 7,500
<br />Net inc./(dec.) in fund balance 22,600 15,400 15,500 15,700 15,800 16,000
<br />
<br />Beginning Fund Balance $63,147 $85,747 $101,147 $116,647 $132,347 $148,147
<br />Ending Fund Balance $85,747 $101,147 $116,647 $132,347 $148,147 $164,147
<br />
<br />Water/Sewer Replacement Fund (Page 37)
<br />Background
<br />This fund is used to account for funds set aside from the City’s water and sewer operating utilities to be
<br />used for future equipment replacement and capital costs for the City’s utilities.
<br />
<br />Source of Funds
<br />The Fund receives an annual operating transfer from the Water Enterprise Fund ($200,000) and Sewer
<br />Enterprise Fund ($100,000).
<br />
<br />8DRAFT DOCUMENT 10-09-2020
|