1980 CAFR - Laserfiche WebLink

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CITY OF ST. ANTHONY COMMENTS Special Revenue Funds Special Revenue Funds are established to account for proceeds from specific revenue sources to be expended for a specified purpose. Following is a brief description of each fund. General Reserve Fund - The General Reserve Fund was established to accumulate resources from the Special Assessment Funds, which are available to be appropriated by the City Council. Expenditures and other uses exceeded revenue by $16,992, reducing the fund balance to $295,065 at December 31, 1980. Revenue Sharing Fund - This fund accounts for revenue received from the Federal Government in accordance with the "State and Local Fiscal Assistance Act of 1972." Expenditures can be made only as outlined in the Act. The City's share of the Federal Revenue Sharing Grant for 1980 was $42,665. During the year ended December 31, 1980, $47,454 was transferred to the General Fund. The fund balance was $46,934 at December 31, 1980. Special Fire Fund - Accounted for in this fund is the State of Minnesota insurance premium tax revenue received for the benefit of the City's fire department. During the year, $15,454 was received and $15,000 was transferred to the General Fund. At December 31, 1980 the fund balance was $33,216. Special Police Fund -The State of Minnesota Town Police Aid reimbursements are accumulated for the benefit of the City's police department in this fund. Aid received during 1980 was $24,853 and $25,000 was transferred to the General Fund. The fund balance was $61,167 at December 31, 1980. State -Aid Maintenance Fund -Gasoline tax collections apportioned to the City from the State of Minnesota for street maintenance are accumulated in this fund. Expenditures of $7,766 were made to repair and maintain City streets. The fund balance of $16,042 at December 31, 1980 is available for street maintenance. CETA Fund - The CETA Fund accounted for salaries and related expenditures reimbursed by the Federal CETA program. Funds remaining at the end of this program were transferred to the General Fund, closing the fund. Community Development Fund - This fund accounts 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 and are fully reimbursable. -2- a�a