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Maw <br />- <br />City of Lino Lakes, Minnesota <br />Management Report, Page 14 <br />SPECIAL REVENUE FUNDS <br />The financial statements for the City's special revenue fund are presented in Statements 8 and 9 <br />of the 1993 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 legally restricted to expenditures for specified purposes. The City <br />maintained the following special revenue funds in 1992 and 1993: <br />Fund Balance <br />December 31, Increase <br />Fund 1992 1993 (Decease) <br />Economic Development Authority ($190) ($134) $56 <br />Program Recreation 0 3,073 3,073 <br />Total ($190) $2,939 $3,129 • <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 through <br />469.108. The EDA was established with specific powers and obligations to promote and to <br />provide incentives for economic development within the City of Lino Lakes. The financial activity <br />of the EDA has been reported in the City's Annual Fmancial Report in accordance with the <br />Governmental Accounting Standard Board (GASB) Statement No. 14. <br />Program Recreation <br />This fund was established in 1993 to account for self - supporting recreation programs A <br />summary of 1993 fmancial activity is as follows: <br />Revenue: <br />Recreation fees $41,257 <br />Interest 306 <br />Total revenue 41,563 <br />Expenditures: <br />Personal services 22,793 <br />Supplies 12,922 <br />Other services 2,775 <br />Total expenditures 38,490 <br />Revenue over expenditures $3,073 <br />