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Mr. Joel Hanson, City Administrator
<br />City of Little Canada
<br />Page 4
<br />1989 was a year of marked improvement for this fund. Prior to 1989, this fund was in a
<br />continuous deficit position because the City had assumed (incorrectly) that MSA construction
<br />projects could be fully financed by MSA Construction Allotments; however, this is not the case.
<br />Most MSA construction projects include costs which are um eligible for MSA reimbursement (Le.
<br />legal, administration, excess engineering, etc.).
<br />The City started a policy of annual operating transfers from the General Fund to finance these
<br />deficits. However, budget constraints limited the amount available for this purpose and/or limited
<br />the financing of other programs/projects. This situation was final y resolved in 1989 with the
<br />completion of the City's Storm Sewer Construction Project and the State's agreement to allow the
<br />City to recover (from MSA) past MSA bond interest.
<br />Fund Balance:
<br />The fund balance /(deficit) of the State Aid Roads Fund was as follows at December 31, 1988
<br />through 1991 along with projected balances at December 31, 1992 and 1996:
<br />Actual - December 31, Protected
<br />Description 1988 1989 1990 1991 12/31,92 12/31/96
<br />CONSTRUCTION DEFICITS:
<br />.1981 -12 Country Drive ($17,232) ($17,232) ($17,232) ($17,232) $0 $0
<br />•1981 -14 So. Owasso Blvd. (14,139) (15,800) (15,800) (15,800) 0 0
<br />•1983 -27 Countr Drive (38,015) (38,015) (38,015) (38,015) 0 0
<br />4984-13 Bridge Repair (208,743) (214,188) (220,406) (220,406) 0 0
<br />•1985 -5 Keller Parkway (708) (708) (708) (708) 0 0
<br />•1987 -4 Country Drive (15,469) (15,469) (15,469) 0 0
<br />•1988 -11 Country Drive (786) (786) (786) 0 0
<br />•1988 -14 Country Drive (9,991) (9,991) (9,991) 0 0
<br />•1989 -23 Country Drive (186,700) 40,242 7,522 0
<br />•SIGNALS 0 0
<br />•1992 -XX LaBore Road (80,000) 0
<br />•1993 -XX Canabury Drive 0 0
<br />Totals (278,837) (312,189) (505,107) (278,165) (72,478) 0
<br />EXCESS MSA ALLOTMENTS:
<br />•DemontAvenue 242,000 242,000 336,450 143,343 122,635
<br />•Past Bond Interest 16,059 59,711 97,028 116,345 178,288
<br />GENERAL FUND TRANSFERS 56,200 0 0 0 0 0
<br />BOND PROCEEDS - MSA 89,807 89,807 89,807 89,807 0 0
<br />UNALLOCATED
<br />INVESTMENT EARNINGS 56,291 56,291 67,117 86,006 62,596 142,596
<br />Totals ($76,539) 4 $91,968 ($46,472) $331,126 5249,806 5443,519
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