Comprehensive Annual Financial Report 12/31/2002

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The fund balance for the year increased $428,349 for a total ending fund balance of $4,353,018. Special Revenue Funds Special Revenue Funds account for the proceeds of specific revenue sources that are to be expended for specified uses. The City has established three Special Revenue Funds. The Economic Development Authority Fund accounts for personal expenses of the City Council when acting as the Economic Development Authority. The Community Development Block Grant Fund accounts for expenditures associated with funds allocated through Anoka County from the Federal Government to fund allowable projects. The Program Recreation Fund accounts for the activities of the Recreation Department for self - supporting .. programs. Debt Service Funds Debt Service Funds account for the accumulation of resources for and the payment of principal and interest on general long -term debt. The City currently maintains several debt service funds. Improvement Bonds Funds account for the accumulation of resources for debt service payments made on general obligation debt issued for local improvement projects. The Certificates of Indebtedness Fund accounts for debt service payments made on debt issued to finance capital purchases. These certificates are financed internally. The Public Project Revenue Bonds Fund and Public Project Refunding Bond Fund were established to account for debt service payments related to the construction of the City's fire hall and civic complex. The Public Project Revenue Bond issue has been completely retired; therefore, this debt service fund was closed to the Public Project Refunding Bond Fund at the end of the year via a residual equity transfer. The Lease Revenue Bond Fund was established to account for debt service payments related to the construction of the City's Civic Complex. Capital Project Funds Capital Project Funds account for financial resources used for the acquisition or construction of capital facilities and equipment. The Closed Bond Fund was established to account for all excess bond receipts. The Capital Improvement Fund was established to account for the acquisition and replacement of capital equipment. Revenues received from antenna leases are also recorded and accumulated in this fund. The Dedicated Parks Fund accounts for revenues and expenditures for the acquisition and construction of park projects. The Area and Unit Charges Fund accounts for water and sewer area assessments to be used for the construction of City utility infrastructure. The Surface Water Management was established to help fund the costs associated with surface water issues and planning. 7