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City of Lino Lakes, Minnesota <br />Management Report, Page 18 <br />i <br />SPECIAL REVENUE FUNDS <br />1 <br />The financial statements for the City's special revenue funds are presented in Statements 8 and <br />9 of the 1996 Annual Financial Report. Special revenue funds are a type of governmental fund to <br />account for the proceeds of specific revenue sources (other than expendable trusts or for major <br />capital projects) that are restricted to expenditures for specified purposes. The City maintained <br />the following special revenue funds in 1995 and 1996: <br />Fund <br />Fund Balance <br />December 31, Increase <br />1995 1996 (Decrease) <br />Economic Development Authority $ - $ - $ - <br />Community Development Block Grant (1,201) 166 1,367 <br />Program Recreation 12,680 22,312 9,632 <br />Total $11,479 $22,478 $10,999 <br />Economic Development Authority <br />During 1990, the City adopted Resolution 33 -90 which authorized the City to establish an <br />— Economic Development Authority (EDA) pursuant to Minnesota Statutes sections 469.00 <br />through 469.108. The EDA was established with specific powers and obligations to promote and <br />to provide incentives for economic development within the City of Lino Lakes. The financial <br />activity of the EDA has been reported in the City's Annual Financial Report in accordance with <br />the Governmental Accounting Standard Board (GASB) Statement No. 14 the financial reporting <br />entity. <br />