1973 CAFR - Laserfiche WebLink

Home Browse Search

3 SPECIAL REVENUE FUNDS Special revenue funds are established to account for taxes and other revenues (except special assessments) set aside for a particular purpose. Following is a brief description of each fund. State -aid Street Fund - Gasoline tax collections apportioned to the Village from the State of Minnesota for street maintenance are accounted for in this fund. The account receivable of $193,432, from the State of Minnesota, is the Village's unencumbered construction allotment balance at December 31, 1973. This allotment is available only for approved projects. Recreation Fund - This fund accounts for the Village recreation program which is carried on in co-operation with Independent School District No. 282. Disbursements of $45,344 exceeded receipts by $1,083 during 1973 and decreased the cash balance to a deficit of $3,824 at December 31, 1973. Revenue Sharing Fund - This fund was established to account for revenue received from the Federal Government in accordance with the "State and Local Fiscal Assistance Act of 1972." Expenditures can only be made from this fund as outlined in the Act. The Village's share of revenue for 1973 was $38,016, of which $9,577 will be received during 1974. Expenditures during 1973 were for equipment and a land use study. As of December 31, 1973 $49,460 is available for future expenditures. Special Fire Department Fund - This fund was established to account for the State of Minnesota insurance premium tax receipts and other monies appropriated for the benefit of the Village Fire Department. During 1973, $8,417 was received from the State of Minnesota for 1973 insurance premium taxes, leaving a balance of $15,728 available at December 31, 1973. Special Police Department Fund - This fund was established to account for the State of Minnesota Town Police Aid reimbursement and other monies appropriated for the benefit of the Village Police Department. No expenditures were made from the Fund during 1973. The fund balance was $13,708 at December 31, 1973. SPECIAL ASSESSMENT FUNDS Special assessment funds are established to account for assessments levied to finance improvements or services deemed to benefit the properties against which the assess- ments are levied. Primarily, the transactions accounted for in special assessment construction funds are receipt of bond proceeds or other sources of financing and disbursement of such proceeds for construction work done. Special assessment debt service funds account mainly for collection of assessments against benefited property owners and disbursements of assessment collections for the payment of bonds and interest. Additional revenue approximating $4,100 will be necessary to retire the remaining Improvement Bonds of 1957. L 7