1982 CAFR - Laserfiche WebLink

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CITY OF ST. ANTHONY COMMENTS ial 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. Revenue and other sources exceeded expenditures by $25,714, increasing the fund balance to $345,643 at December 31, 1982. 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 1982 was $28,134. During the year ended December 31, 1982 transfers of $20,000 and $14,600 were made to the General Fund and Capital Equipment Fund, respectively. The fund balance was $34,832 at December 31, 1982. Special Fire Fund - This fund previously accounted for the State of Minnesota insurance premium tax revenue received for the benefit of the City's fire department. The St. Anthony Firefighter's Relief Association, which was established during the year, now receives this revenue. As a result, $27,000 was transferred to the Capital Equipment Fund and the remaining $3,482 was transferred to the General Fund, closing the fund. Special Police Fund - The State of Minnesota Town Police Aid reimbursements have been accumulated for the benefit of the City's police department in this fund. The activities of this fund are now accounted for in the General Fund. Transfers of $51,298 to the General Fund and $9,000 to the Capital Equipment Fund were made to close the fund. State -Aid Maintenance Fund - Gasoline tax collections apportioned to the City from the State of Minnesota for street maintenance have been accumulated in this fund. During the year the activities of this fund and the remaining funds of $26,646 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-