1978 CAFR - Laserfiche WebLink

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SPECIAL REVENUE FUNDS (CONTINUED) General Reserve Fund - The General Reserve Fund was established to accumulate resources from the Special Assessment Fund, which are available to be appropriated by Council. Financing was provided in 1978 by a transfer of $337,392 from the Special Assessment Fund. During the year $7,980 was transferred to the Sewer Operating Fund for the purchase of capital outlay items. The fund balance was $338,399 at December 31, 1978. 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, 1978, there is no fund balance as all expenditures are reimbursed. State -aid Maintenance Fund - Gasoline tax collections apportioned to the City from the State of Minnesota for street maintenance are accounted for in this fund. Expenditures during'1978 were for commodities to repair and maintain City streets. The fund balance at December 31, 1978, was $12,085. CETA Fund - Salaries and related expenditures that are reimbursed by Federal grants through Hennepin and Ramsey Counties are accounted for in this fund. The fund balance was $5,718 at December 31, 1978. 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. This fund was closed during the year. 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 be made from the Fund only as outlined in the Act. The City's share of the Federal Revenue Sharing Grant for 1978 was $43,967. During 1978, $87,766 was transferred to the General Fund. $66,736 was transferred for current expenditures of the public safety and public works departments and $21,030 for the acquisition of capital outlay items for these departments. In addition $1,264 of anti -recession funds received in 1977 was transferred to the General Fund for current public safety 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 1978, $12,837 was received from the State of Minnesota for insurance premium taxes. Expenditures were $12,764, a transfer to the General Fund of $12,250 and capital outlay of $514. As of December 31, 1978 the fund balance was $19,073. 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. Police aid received in 1978 was $20,531 and $14,500 was transferred to the General Fund. The fund balance was $40,612 at December 31, 1978. CAPITAL PROJECT FUNDS These funds were established to account for the resources required for the acquisition of capital facilities by the City. Following is a brief description of each fund. II