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CITY OF ST. ANTHONY <br />COMMENTS <br />Special Revenue Funds <br />Special Revenue Funds are established to account for proceeds from specific revenue <br />sources to be expended for a specified purpose. Following is a brief description of <br />each fund. <br />General Reserve Fund - The General Reserve Fund was established to <br />accumulate resources from the Special Assessment Funds, which are available <br />to be appropriated by the City Council. The fund balance was $376,397 at <br />December 31, 1983. <br />Revenue Sharing Fund - This fund accounts for revenue received from the <br />Federal Government in accordance with the "State and Local Fiscal <br />Assistance Act of 1972." Expenditures can be made only as outlined in the <br />Act. <br />The City's share of the Federal Revenue Sharing Grant for 1983 was <br />$33,062. During the year ended December 31, 1983 transfers of $10,000 and <br />$20,000 were made to the General Fund and Capital Equipment Fund, <br />respectively. The fund balance was $40,289 at December 31, 1983. <br />Community Development Fund - This fund accounts for revenue received from <br />the Federal Government in accordance with the Housing and Community <br />Development Block Grant Program. Expenditures can only be made from this <br />fund for approved projects as outlined in the Act and are fully <br />reimbursable. <br />Capital Project Funds <br />These funds are used to account for resources to be used for the acquisition of <br />capital facilities by the City. <br />State Aid Construction Fund - Gasoline tax collections apportioned to the <br />City from the State of Minnesota for street construction are accounted <br />for in this fund. The account receivable of $301,410 from the State of <br />Minnesota at December 31, 1983 is the City's construction allotment <br />balance, which is unencumbered and available for approved projects. <br />Capital Equipment Fund - This fund was established to account for the <br />revenue required to finance the replacement of capital assets on a <br />revolving basis. Revenue exceeded expenditures by $26,409, increasing <br />the fund balance to $74,974, which is available for future capital <br />acquisitions. <br />Housing and Redevelopment Authority - The Housing and Redevelopment <br />Authority of St. Anthony, a separate entity, has been included in the <br />accompanying financial statements. <br />-2- <br />