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Water & Sewer Fund - $3,528,324 The Water & Sewer Fund is an enterprise fund used to provide water and sewer services to the community. Funding for operation and maintenance of the system is provided on a user -fee basis, which is based on consumption of water. In 1998, reserves from the Water and Sewer Fund provided funding for the restoration of the Water Tower at 33`d and Silver Lake Road. In addition, $350,000 was dedicated in 2000 for water main improvements to the Silver Lake Road Bridge Project. Storm Water Fund - ($29,013) The Storm Water Fund was developed in recent years to provide funding for improvements to the City's stormwater system for 100 -Year flood protection. Funding comes from a variety of sources including, storm water fees charged to residential and commercial entities, State and County grants, transfers from other funds and interest earnings. Recent projects funded by the Stormwater Fund include the Silver Point Park Project, Harding Street Holding Pond Project and a portion of the 29th Avenue Street Improvement Project. It is anticipated that a large part of the renovations have been completed however, reconstruction of the City's stormwater system will continue for the next several years as part of the annual street improvements. Storm Water Bond Fund - $147,101 The Storm Water Bond Fund was created to provide funding for the 29`h Avenue Street Improvement Project. In 2000, the City issued Storm -Sewer Revenue Bonds totaling $1,610,000. Revenues derived from user fees that are assessed to the quarterly utility bills are dedicated to provide funding for the annual principal and interest payments of the bond. Water Filtration & Purification Fund - $5,226,484 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 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. The present financial plan in place is to use the annual interest earnings from the money to fund 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, long range financial plans and how these funds can best be used will be on-going over the next several years. 109