1977 CAFR - Laserfiche WebLink

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SPECIAL REVENUE FUNDS.(CONTINUED) Community Development Fund - This fund was established to account for revenue received from the Federal Government in accordance with the Housing and Community Development Block Grant Program. Expenditures can only be made from this fund for approved projects as outlined in the Act. As of December 31, 1977, there is no fund balance. 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 1977 were for commodities to repair and maintain City streets. The fund balance at December 31, 1977, was $15,307. CETA Fund - Salaries and related expenses that are reimbursed by Federal grants through Hennepin and Ramsey Counties are accounted for in this fund. The fund balance was $635 at December 31, 1977. 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 Goverrment 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 City's share of revenue for 1977 was $46,565, of which $11,049 will be received during 1978. During 1977 $40,000 was transfered to the General Fund for salaries and other expenditures. As of December 31, 1977, $95,077 was available for future expenditures. Anti -recession funds received during 1977 amounted to $1,264 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 1977, $11,174 was received from the State of Minnesota for 1977 insurance premium taxes. Expenditures for 1977 were $2,500, a transfer to the General Fund. As of December 31, 1977 the fund balance was $18,251. 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. $4,959 was used to purchase a new public safety vehicle. The fund balance was $32,485 at December 31, 1977. 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 $185,268, from the State of Minnesota, is the City's unencumbered construction allotment balance at December 31, 1977. 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 and the sale of equipment will finance these acquisitions. II