1974 CAFR - Laserfiche WebLink

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SPECIAL REVENUE FUNDS (CONTINUED) State -aid Street Fund - Gasoline tar_ collections apportioned to the City from the State of Minnesota for street maintenance are accounted for in this fund. The account receivable of $255,094, from the State of Minnesota, is the City's unemcumbered construction allotment balance at December 31, 1974. This allotment is available only for approved projects. Recreation Fund - This fund accounts for the City recreation program which is carried on in co-operation with Independent School District No. 282. Ex- penditures of $43,458 exceeded receipts by $2,216 during 1974 and decreased the fund balance to a deficit of $6,776 at December 31, 1974. 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 out- lined in the Act. The City's share of revenue for 1974 was $39,04.5, of which $9,944 will be received during 1975. Expenditures during 1974 were for capital outlay. As of December 31, 1974 $54,000 is available for future expenditures. Special Fire Detment 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 City Fire Department. During 1974, $8,229 was received from the State of Minnesota for 1974 insurance premium taxes. These funds have been appropriated for the purchase of a new fire truck. Spec.al. Police Department Fund - This fund was Established to account for the State of Minnesota 'Town Police Aid reimbursement and other males appropriated for the benefit of the City Police Department. The fund balance was $21,853 at December 31, 1974.. SPECIAL ASSESc AENT UND. Special assessment funds are established to account for assessments levied to finance improvements or services deemed to benefit the properties against which the assessments are levied. Primarily, the transactions accounted for in the special assessment construction accounts are receipt of bond proceed;; for construction work done. Special assessment debt service accounts account mainly for collection of assessments against benefited property owners and disbursements of assessment collections for the payment of bonds and inw re t. MUNICIPAL LIQUOR FUND This fund is maintained to account for the operation of the City -owned liquor stores. Percentages and detailed statements by stores are included in the report as additional aids in reviewing results of operations. Shoran below is a con- densed summary of liquor store operations for 1974, 1973 and 1972. Sales Cost of Sales Gross profit Operating expense Operating income Other income less other expense Net income 1974 1973 ----1972 Percent Percent ---Ferceni- of sales of sales of sz:' $2,0547998 100.0 $1,955,034 100.0 $1,8672888 100.0 11308,.703 63.7 _1,243,947 62.8 1,216,048 65.1. $ 746,295 36.3 $ 711,087 37.2 $ 651,840 3AA; 470,124 _22.9 — 417,646 21_4 417,23L7___ 3 $ 276,171 13.4 $ 293,441 15.8 $ 234,603 12.6 21,_2.90 1.1 2.6,635 1.4__ '_7,185 __9 .$_2 461 _LL—5 1__320.076 17.2 8 251 78 _97 II