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L_ <br />M <br />SPECIAL ASSESSMENT FUND <br />The Special Assessment Fund is established to account for assessments levied to <br />finance improvements or services deemed to benefit the properties against which the <br />assessments are levied. <br />Revolving Account - This account was established to provide temporary financing of <br />construction projects. <br />Debt Service Account - This account was established to account mainly for the <br />collection of assessments against benefited property owners and expenditure of <br />assessment collections for the payment of bonds and interest. <br />The appropriated fund balance represents the interest on the bonded indebtedness <br />which is payable in future years. <br />GENERAL DEBT SERVICE FUND <br />This fund was established to accumulate resources, primarily property taxes, for <br />the redemption of certificates of indebtedness and interest thereon. During 1975, <br />certificates in the amount of $30,000 were issued. As of December 31, 1979 these <br />certificates were completely retired and the fund balance of $4,177 was unappropriated. <br />LIQUOR FUND <br />This fund is maintained to account for the operations of the City -owned liquor stores. <br />Percentages and detailed statements by stores are included in the report as additional <br />aids in reviewing results of operations. Following is a condensed summary of liquor <br />store operations for 1979, 1978 and 1977. <br />Sales <br />Cost of sales <br />1979 <br />Percent <br />of sales <br />$2,457,970 100.00 <br />1,477,485 60.11 <br />1978 <br />Percent <br />of sales <br />$2,284,541 100.00 <br />1,379,413 60.38 <br />1977 <br />Percent <br />of sales <br />$2,062,428 100.00 <br />1,256,670 60.93 <br />Gross profit $ 980,485 39.89 $ 905,128 39.62 $ 805,758 39.07 <br />Operating expense 593,269 24.14 548,824 24.02 506,382 24.55 <br />Operating income <br />Other income less <br />other expense <br />Net income <br />$ 387,216 15.75 $ 356,304 15.60 $ 299,376 14.52 <br />42,681 1.74 36,369 1.59 23,965 . 1.16 <br />429.897 17.49 1--122 .673 17.19 $323.341 15.68 <br />1979 1978 1 <br />Percent Percent <br />of net of net <br />income income <br />Transfers to <br />other funds $ 300.000 <br />Equivalent mill rate <br />of transfers 7.16 <br />69.78 $ 275,000 70.03 $ 275.000 <br />III <br />om <br />Percent <br />of net <br />85.05 <br />