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Expenditures increased due to the increase in sewage flow that is paid to the Metropolitan <br />Council Environmental Services division for treatment. <br />Gas Utility - accounts for the City's share of the Circle Pines gas utility that extends into the <br />community. In 1996, the City began investigating into the prospect of collection of gas <br />franchise fees from all providers within the City. <br />AGENCY FUNDS <br />Contractor's Deposits - accounts for the pass - through costs of developer financed projects <br />within the City. <br />Pending Assessments - accounts for the receipt of assessment prepayments prior to <br />certification. This fund is closed annually at certification time. The balance in this fund is the <br />result of assessments being collected, that will not be certified to Anoka County until the fall of <br />1997. <br />Investment Fund - accounts for the pooling of all the City's money that is invested throughout <br />the year. Interest on investments is recorded in this fund before allocating to all funds. Interest <br />earned in 1996 was $584,838 compared to $575,116 in 1995. <br />Deferred Compensation - accounts for employee contributions to the City authorized deferred <br />compensation plan. Section 457 of the Internal Revenue Code allows public employees to <br />establish such programs. The section states that any funds deferred under this program remain <br />the property of the City. The value of the deposits at December 31, 1996 is $467,350. <br />GENERAL FIXED ASSETS ACCOUNT GROUP <br />General fixed assets are those assets used for general governmental functions only. This does <br />not include enterprise funds. Depreciation is not recorded on the general fixed assets. <br />GENERAL LONG -TERM DEBT ACCOUNT GROUP <br />This group reports the current assets available in the Debt Service Funds and recognizes the <br />amounts to be provided through future tax levies, assessments and tax increments. <br />14 <br />