1976 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. Expenditures during 1976 were for commodities to repair and maintain City streets. The fund balance at December 31, 1976, was $21,239. Community Services Fund - This fund accounts for the City recreation program which is carried on in co-operation with Independent School District No. 282. The activities of this fund were taken over by Independent School District No. 282, during the year. A transfer from the General Fund eliminated the deficit fund balance and closed the fund. Home Improvement Grant Fund - This fund accounts for revenue received from the Minnesota Housing Finance Agency. Expenditures are to finance home improvements within the City. Revenue Sharing Fund - This fund was established to account for revenue received from the Federal Government in accordance with the "State and Local Fiscal Assisstance Act of 1972." Expenditures can only be made from this fund as out- lined in the Act. The City's share of revenue for 1976 was $46,877, of which $11,736 will be received during 1977. Transfers made during 1976 to the General Fund and Special Fire Department Fund were for salaries and capital outlay respectively. As of December 31, 1976, $83,548 is available for future expenditures. Anti -recession funds received during 1976 amounted to $1,109 and are available for future expenditures. Special Fire Department Fund - This fund was established to account for the State of Minnesota insurance premium tax revenue and other monies appropriated for the benefit of the City Fire Department. During 1976, $9,594 was received from the State of Minnesota for 1976 insurance premium taxes. Expenditures for 1976 were $63,240. These funds were used to purchase a new fire truck. A transfer from the Revenue Sharing Fund of $26,723 was used to defray the cost of the truck. As December 31, 1976 the fund balance was $9,482. 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. $9,290 was transferred to the General Fund for cost incurred when the City offices were remodeled. The fund balance was $19,420 at December 31, 1976. 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 $161,728, from the State of Minnesota, is the City's unencumbered construction allotment balance at December 31, 1976. 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. This fund was closed during 1976. II