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Source of Funds
<br />The park charge payments received during development is the primary source of revenue in the fund.
<br />The fee amount is identified in the City’s Fee Schedule.
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<br />Significant Highlights in Future Years
<br />Pioneer Park improvements are scheduled for 2022. A Master Plan of this park started in 2020 and will
<br />be completed in 2021.
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<br />Fund Outlook
<br />There are sufficient revenues to fund the improvements identified for the next five years. 2020 Estimate 2021 2022 2023 2024 2025 Revenues $18,000 $16,200 $16,100 $13,000 $11,800 $10,800 Expenditures 380 27,890 635,400 260,410 205,420 5,430 Net inc./(dec.) in fund balance 17,620 (11,690) (619,300) (247,410) (193,620) 5,370 Beginning Fund Balance $1,221,920 $1,239,540 $1,227,850 $608,550 $361,140 $167,520 Ending Fund Balance $1,239,540 $1,227,850 $608,550 $361,140 $167,520 $172,890
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<br />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.
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<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.
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<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.
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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. 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)
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<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).
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<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.
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<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 8
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