1982 CAFR - Laserfiche WebLink

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CITY OF ST. ANTHONY COMENTS ital Project Funds These funds are used to account for resources to be used for the acquisition of capital facilities by the City. 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 $221,553 from the State of Minnesota at December 31, 1982 is the City's construction allotment balance, which is unencumbered and available for approved projects. Capital Equipment Fund - This fund was established to account for the revenue required to finance the replacement of capital assets on a revolving basis. Transfers of $56,300 from other funds were received during the year. Revenue of $58,575 exceeded expenditures of $10,010, creating a fund balance of $48,565 available for future capital acquisitions. Special Assessment Funds The Special Assessment Funds are established to account for assessments levied to finance improvements or services deemed to benefit the properties against which the assessments are levied. Revolving Fund - This fund provides temporary financing of construction projects and the subsequent collection of assessments against benefited property owners. Debt Service Fund - This fund accounts mainly for the collection of assessments against benefited property owners and expenditure of assessment collections for the payment of bonds and interest issued to finance the cost of improvement projects. The appropriated fund balance represents the interest on bonded indebtedness payable in future years. Liquor Fund This fund accounts for the operation of the City -owned liquor stores. Detailed statements by stores are included in this report as additional aids in reviewing the results of operations. Following is a condensed summary of the liquor operation for 1982 and 1981. QED