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Comprehensive Annual Financial Report 12/31/1995
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Comprehensive Annual Financial Report 12/31/1995
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Audit Report 12/31/1995
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10 <br />MAJOR INITIATIVES <br />In 1992, the City purchased 36 acres of industrial property with a balloon payment due in <br />1997. The Park is named Apollo Business Park. With the sale of various parcels within <br />the Park, there is enough money to pay the principal in 1996. The Park should be fully <br />developed very soon. <br />The City is currently marketing industrial property on the east side of the City. This <br />industrial Park will be named the Clearwater Creek Development Center. There are many <br />prospective businesses looking to locate here, including Taymark Corporation. This land <br />had not been provided with municipal water and sewer until this year when Clearwater <br />Creek, a residential development was connected. <br />In 1996, a new water tower will be constructed on the east side to serve the Clearwater <br />Creek development and residential areas. <br />Planning has begun on a proposed Town Center. This is a public/private partnership to <br />provide new City facilities, housing, and commercial development. This project will be a <br />major undertaking for the city, and will last for many years. <br />Extending municipal utilities is a top priority as the State of Mflnnesota is requiring stricter <br />laws for well and septic systems. The City has many unsewered and unwatered areas that <br />could grow with the extensions. <br />FINANCIAL INFORMATION <br />The City's policy is to invest all available moneys at competitive rates in accordance with <br />Minnesota law. Investments are made by minimizing credit and market risks while <br />maintaining a competitive yield. Funds are invested in certificates of deposit, commercial <br />paper and U.S. government agencies. Cash is pooled in one account to provide maximum <br />return. <br />General Fund <br />The General Fund accounts for all revenues and expenditures necessary to provide basic <br />governmental operations of the City. <br />General Fund revenues totaled $3,772,335 in 1995 compared to $3,295,398 in 1994. The <br />breakdown of revenues is shown in the following table: <br />1995 1994 <br />General property taxes S1,941,415 $1,597,542 <br />Licenses and permits 544,267 383,388 <br />Intergovernmental revenues 738,652 677,337 <br />Charges for services 241,393 353,026 <br />Fines and forfeits 93,861 72,454 <br />Miscellaneous 212,747 211,651 <br />Total <br />$3,772,335 $3,295,398 <br />
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