1975 CAFR - Laserfiche WebLink

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SPECIAL REVENUE FUNDS (CONTINUED) State Aid Fund - Gasoline tax collections apportioned to the City from the State of Minnesota for street maintenance are accounted for in this fund. Contracts payable at December 31, 1975 represent the amounts due Hennepin and Ramsey Counties for traffic signals. The Fund had a deficit balance of $27,473 at December 31, 1975. Community Services Fund - This fund accounts for the City recreation program which is carried on in co-operation with Independent School District No. 282. Expenditures of $40,951 exceeded receipts by $882 during 1975 and decreased the fund balance to a deficit of $7,658 at December 31, 1975. 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 1975 was $43,294, of which $11,703 will be received during 1976. Expenditures during 1975 were for capital outlay. As of December 31, 1975 $74,847 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 City Fire Department. During 1975, $8,837 was received from the State of Minnesota for 1975 insurance premium taxes. These funds have been appropriated for the purchase of a new fire truck. 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 City Police Department. The fund balance was $21,101 at December 31, 1975. CAPITAL PROJECT FUNDS State -aid Construction Fund - Gasoline tax collections apportioned to the City from the State of Minnesota for street construction are accounted for in this fund. The account receivable of $318,857, from the State of Minnesota, is the City's unencumbered construction allotment balance at December 31, 1975. This allotment is available only for approved projects. Capital Improvement Fund - This fund was established to account for purchases of capital outlay items to be used by the City's maintenance department. Transfers from the General Fund will finance these acquisitions. Equipment Fund - This fund was established to account for the purchase of a street sweeper. Proceeds were from the sale of certificates of indebtedness bonds and used to purchase the sweeper at a cost of $29,700. At December 31, 1975 the fund balance was $97. SPECIAL ASSESSMENT FUND 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 proceeds for con- struction 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 interest. The appropriated fund balance represents the interest on the bonded indebtedness which is payable in future years. II