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10% Fund (408)
<br />
<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. The fund balance projections below include, beginning with
<br />2026, a 5% annual contribution increase. This is only a conservative estimate based on historical trends.
<br />
<br />Use of Funds:
<br />Canadian Days fireworks ($19,000 per year) and other eligible council-approved programs and donations
<br />(up to $5,000) are funded with this fund. There are sufficient revenues to fund the expenditures identified
<br />for the next ten years.
<br />
<br />Fund Outlook:
<br />There are sufficient revenues to fund the expenditures identified for the next ten years.
<br />
<br />2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
<br />Revenues $25,300 $26,255 $27,168 $28,241 $29,378 $30,682 $31,956 $33,404 $34,929 $36,536
<br />Expenditures $36,904 $37,162 $37,425 $37,694 $37,968 $38,247 $38,532 $38,823 $39,119 $39,421
<br />Fund Balance $97,602 $86,695 $76,438 $66,985 $58,395 $50,830 $44,255 $38,836 $34,646 $31,760
<br />0
<br />20,000
<br />40,000
<br />60,000
<br />80,000
<br />100,000
<br />120,000
<br />0
<br />5,000
<br />10,000
<br />15,000
<br />20,000
<br />25,000
<br />30,000
<br />35,000
<br />40,000
<br />45,000
<br />Fund BalanceRevenues and Expenditures10% Fund 408 - Fund Balance
<br />Revenues Expenditures Fund Balance
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<br />Infrastructure Capital Project Fund (450)
<br />
<br />Background:
<br />Street and trails projects are funded with the Infrastructure Capital Project Fund that was established in
<br />1995 to systematically fund these infrastructure projects. A 15-Year Pavement Improvement Plan was
<br />prepared in 2021, and those projects and costs are included in this CIP.
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