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Liquor Fund - $2,057,158 <br />The City now owns and operates two off -sale stores (Market Place and Silver Lake <br />Village). The Liquor Fund is an enterprise fund used to account for operations from the <br />City's municipal liquor stores. Profits from operations are directed to capital equipment <br />purchases and park improvements. <br />The majority part of the fund balance is inventory and reserves to support the $940,000 <br />Liquor Revenue Bonds issued in 1997. Annual debt payments run through 2012 and <br />total $95,000 per year. <br />Severance Fund - $130,488 <br />The Severance Fund is a restricted use fund that provides funding for employee <br />personal leave and comp -time severance pay upon their termination of employment with <br />the City. The City's General Fund liability for 2009 totaled $660,675, the Water/Sewer's <br />liability totaled $93,403 and the year-end liability for Liquor Operations totaled $40,461. <br />Since it is unlikely that all employees would leave the City at the same time, the fund <br />balance is deemed adequate to fund annual costs for the following year's potential <br />liability/payments. <br />110 <br />