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Storm Water Fund (702) - ($7,730) The Primary source of revenues for this fund is the storm water charges. These collections are currently being used to retire bonds issued in 2000 for a major storm sewer improvement. Once Bonds are retired in 2015 these collections will be available to support storm water reconstruction costs incurred in the annual street projects. Storm Water Bond Fund (703) - $138,933 The Storm Water Bond Fund was established to provide debt financing for storm sewer improvements along 29th Avenue. The $1,610,000 debt issuance will be repaid with funds derived from storm water charges. The debt will be fully retired in 2015. Water Filtration & Purification Fund (704) - $5,059,865 The Water Filtration & Purification Fund was established and is dedicated to provide safe drinking water to the residents. The monies in this fund were derived from a cash settlement that the City received from the United States Army and Honeywell as damages for contaminating the City's water supply. The original ten-year agreement which provided 90% funding for operation and maintenance of the carbon filtration plant has expired. The City is now 100% responsible for the operation and maintenance of the plant. Historically, the annual interest earnings have funded yearly operation and maintenance costs. Since, the Minnesota Pollution Control Agency has indicated that contaminates in the water could be in the system for as much as 100 years a significant fund balance is maintained to address any future needs. Liquor Fund (705) - $2,168,070 The Liquor Fund is an enterprise fund used to account for operations from the City's municipal liquor stores. Profits from operations are directed to capital equipment purchases and reducing the general fund levy. The fund balance is substantially comprised of cash, inventory, buildings, and fixtures. Severance Fund (900) - $74,265 The Severance Fund is a restricted use fund that provides funding for employee personal leave and comp -time severance pay upon their termination of employment with the City. The City's General Fund liability for 2011 totaled $703,122, the Water/Sewer's liability totaled $92,564 and the year-end liability for Liquor Operations totaled $50,858. Since it is unlikely that all employees would leave the City at the same time, the fund balance is deemed adequate to fund short term payments.