Management Report and Recommendations 12/31/1994

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City of Lino Lakes, Minnesota Management Report, Page 15 SPECIAL REVENUE FUNDS The financial statements for the City's special revenue funds are presented in Statements 8 and 9 of the 1994 Annual Financial Report. Special revenue funds are a type of governmental fund to account for the proceeds of specific revenue sources (other than expendable trusts or for major capital projects) that are restricted to expenditures for specified purposes. The City maintained the following special revenue funds in 1993 and 1994: Fund Balance December 31, Increase Fund 1993 1994 (Decrease) Economic Development Authority ($134) ($101) $33 Program Recreation 3,073 7,942 4,869 Total $2,939 $7,841 $4,902 Economic Development Authority During 1990, the City adopted Resolution 33 -90 which authorized the City to establish an Economic Development Authority (EDA) pursuant to Minnesota Statutes sections 469.00 through 469.108. The EDA was established with specific powers and obligations to promote and to provide incentives for economic development within the City of Lino Lakes. The financial activity of the EDA has been reported in the City's Annual Financial Report in accordance with the Governmental Accounting Standard Board (GASB) Statement No. 14 the financial reporting entity.