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Storm Water Bond Fund - $110,034 <br />The Storm Water Bond Fund was created to provide funding for the 291h Avenue Street <br />Improvement Project. In 2000, the City issued Storm -Sewer Revenue Bonds totaling <br />$1,610,000. Revenues derived from user fees that are assessed to the quarterly utility <br />bills are dedicated to provide funding for the annual principal and interest payments of <br />the bond. <br />Water Filtration & Purification Fund - $5,327,917 <br />The Water Filtration & Purification Fund was established and is dedicated to provide <br />safe drinking water to the residents. The monies in this fund were derived from a cash <br />settlement that the City received from the United States Army and Honeywell as <br />damages for contaminating the City's water supply. <br />The original ten-year agreement provided 90% funding for operation and maintenance of <br />the carbon filtration plant has expired. The City is now 100% responsible for the <br />operation and maintenance of the plant. <br />The present financial plan in place is to use the annual interest earnings from the money <br />to fund yearly operation and maintenance costs. Since, the Minnesota Pollution Control <br />Agency has indicated that contaminates in the water could be in the system for as much <br />as 100 years, long range financial plans and how these funds can best be used will be <br />on-going over the next several years. <br />Liquor Fund - $1,960,807 <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 - $145,650 <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. <br />The City's year-end liability for 2006 totaled $589,062. Since it is highly unlikely that all <br />employees would leave the City at the same time, the fund balance is deemed adequate <br />to fund annual costs for several years. In 2006, the fund balance increased $3,365. <br />104 <br />