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Y <br />UMW <br />City of Lino Lakes, Minnesota <br />Management Report <br />Special Revenue Funds <br />SPECIAL REVENUE FUNDS <br />The financial statements for the City's special revenue funds are presented in Statements 8 <br />through 10 of the 1997 Annual Financial Report. Special revenue funds are a type of <br />governmental fund to account for the proceeds of specific revenue sources (other than <br />expendable trusts or for major capital projects) that are restricted to expenditures for specified <br />purposes. The City maintained the following special revenue funds in 1996 and 1997: <br />Fund <br />Fund Balance <br />December 31, Increase <br />1996 1997 (Decrease) <br />Economic Development Authority $ - $ - $ - <br />Community Development Block Grant 166 7,975 7,809 <br />Program Recreation 22,312 30,148 7,836 <br />Total $22,478 $38,123 $15,645 <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 />Page 26 <br />