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805 - INTEREST FUND <br />Interest earned from all City investments is deposited into <br />this fund. At the end of each fiscal year (12/31), the <br />balance of this fund is allocated to all other funds on a <br />percentage basis determined by the average balance each fund <br />carries throughout the year. <br />It is the City's philosophy that surplus revenue should be <br />invested in the safest possible instruments which offer the <br />highest yield. All securities invested in by the City must <br />be backed by the Federal Government or be secured by pledged <br />collateral from the institution in which the investment is <br />placed. <br />Interest earned depends upon the rates available for certain <br />investments and the amount of surplus revenue the City has to <br />invest. Because of this, a comparison of interest earned each <br />year is impractical. <br />In 1985 this fund earned $53,505.10. This amount was distributed <br />as follows. <br />General and Federal Revenue Sharing Fund <br />Certificate of Indebtedness Fund <br />Capital Improvements Fund <br />Dedicated Park Fund <br />LaMotte Improvement Bond Fund <br />49 Sewers Improvement Bond Fund <br />Blackduck Improvement Bond Fund <br />Baldwin Lake Improvement Bond Fund <br />Reiling Road Improvement Bond Fund <br />Baldwin Lake Court Construction Fund <br />Rice Lake Estates Construction Fund <br />$ 7,356.47 <br />1.42 <br />1,192.49 <br />6,969.66 <br />1,284.10 <br />870.41 <br />15,886.22 <br />448.34 <br />343.82 <br />2,075.49 <br />17,076.68 <br />