1978 CAFR - Laserfiche WebLink

Home Browse Search

r CAPITAL PROJECT FUNDS (CONTINUED) 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 $247,588, from the State of Minnesota, is the City's unencumbered construction allotment balance at December 31, 1978. This allotment is available only for approved projects. Capital Improvment 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. No expenditures were made in 1978 and the fund balance of $8,304 at December 31, 1978 is available for acquisition of capital outlay items. SPECIAL ASSESSMENT FUND The Special Assessment Fund is established to account for assessments levied to finance improvements or services deemed to benefit the properties against which the assessments are levied. Revolving Account - During the year this account was established to provide temporary financing of construction projects. Financing was provided by a transfer from the Construction Account. Construction Account - This account was established to finance improvements deemed to benefit property in the City. Primarily, the transactions accounted for are the proceeds from the sale of bonds and other revenue and expenditure of the revenue for construction work performed. Debt Service Account - This account was established to account mainly for the collection of assessments against benefited property owners and expenditure 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. GENERAL DEBT SERVICE FUND This fund was established to accumulate resources, primarily property taxes, for the redemption of certificates of indebtedness and interest thereon. During 1975, certificates in the amount of $30,000 were issued. As of December 31, 1978 these certificates were completely retired and the fund balance of $1,425 was unappropriated. MUNICIPAL LIQUOR FUND This fund is maintained to account for the operations 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. Following is a condensed summary of liquor store operations for 1978, 1977 and 1976.. III