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CITY OF ST. ANTHONY <br />COMMENTS <br />Special Assessment Funds <br />The Special Assessment Funds are 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 Fund - This fund provides temporary financing of construction <br />projects and the subsequent collection of assessments against benefited <br />property owners. <br />Debt Service Fund - This fund accounts mainly for the collection of <br />assessments against benefited property owners and expenditure of <br />assessment collections for the payment of bonds and interest issued to <br />finance the cost of improvement projects. The appropriated fund <br />balance represents the interest on bonded indebtedness payable in <br />future years. <br />General Debt Service Fund <br />This fund accumulates resources, primarily general property taxes, for the <br />redemption of certificates of indebtedness and interest thereon. These certificates <br />are completely retired and the fund balance of $2,306 is unappropriated. <br />Enterprise Funds <br />Enterprise Funds account for operations providing goods or services to the general <br />public. Costs associated with these operations are financed primarily through user <br />charges. Liquor and utility operations of the City are maintained as enterprise <br />funds. Detailed statements are included in this report as additional aids in <br />reviewing the results of operations for each fund. <br />Liquor Fund - Net income for the year ended December 31, 1984 was <br />$337,707 compared to $333,002 in 1983. Transfers to the General Fund <br />were $340,000 and $385,000 in 1984 and 1983, respectively. <br />Utility Funds - For the years ended December 31, 1984 and 1983, the net <br />loss of the Water Fund was $108,406 and $77,695, respectively. The <br />Sewer Fund had a net loss of $33,097 in 1984 compared to $80,228 in <br />1983. <br />General Long -Term Debt <br />General obligation bonds and other long-term liabilities intended to be financed <br />from governmental funds are accounted for in the General Long -Term Debt Account <br />Group. The City has no general long-term debt outstanding at December 31, 1984. <br />-3- <br />