1979 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 1979 expenditures consisting of improvement costs and assessment cancellations exceeded revenue, primarily assessment collections and interest,by $26,342. The fund balance was $312,057 at December 31, 1979. 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, 1979, 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 1979 were for commodities to repair and maintain City streets. The fund balance at December 31, 1979 was $14,238. 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 $6,328 at December 31, 1979. Revenue Sharing Fund - This fund was established to account for revenue received from the Federal Governnent in accordance with the "State and Local Fiscal Assistance Act of 1972." Expenditures can be made from the Fund only as outlined the Act. The City's share of the Federal Revenue Sharing Grant for 1979 was $43,055. During 1979, $55,000 was transferred to the General Fund. Special_Fire 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 1979, $14,338 was received from the State of Minnesota for insurance premium taxes. $8,000 was transferred to the General Fund. As of December 31, 1979 the fund balance was $30,200. Special Police 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 1979 was $22,349 and $15,000 was transferred to the General Fund. The fund balance was $56,165 at December 31, 1979. 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. 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 $214,015, from the State of Minnesota, is the City's unencumbered construction allotment balance at December 31, 1979. 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. No expenditures were made in 1979 and the fund balance of $9,984 at December 31, 1979 is available for acquisition of capital outlay items. 11