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f Honorable Mayor and Members of the City Council City of St. Anthony, Minnesota Financial Summary, continued Capital Project Funds. During the year the Park Improvement Fund was established and $358,500 transferred from the Revolving Improvement Fund (amount previously designated for park purposes). In addition, a transfer of $175,000 was made to the Storm Water Improvement Fund to cover the payment of construction cost retainages; this amount had been pre- viously designated for this purpose. The transfer to this fund was necessary to eliminate a fund balance deficit as a result of construction costs incurred during 1999. As a result of these transfers, the fund balance of the Revolving Improvement Fund decreased to $232,697 as of Decemebr 31 , 1999. Of this balance, $185,300 has been designated for capital equipment acquisitions. Various street improvement project funds (years 1995, 1997 and 1998) may be closed and remaining funds transferred to the corresponding debt service fund as required by the applicable bond indentures. The other significant activity of the Capital Project Funds involves the Storm Water Improvement Fund. Construction of storm water storage areas continued. The 1999 street improvement project was done in connection with stormwater projects and funds from the sale bonds were transferred to this fund. In addition, the City continued to received aids from various federal , state and local sources to fund construction, costs. . Other capital project activities include the completion of Water Tower Park and acquisition of capital equipment. Proprietary Funds The financial condition of each enterprise fund improved based on results of operations for 1999. The Liquor Fund had net income of $205,225 for the year. Funds remaining of $140,225, after the budgeted transfer of $65,000 to the General Fund, are available to be designated by the Council . Retained earnings totaled approximately $1 ,057,000 at December 31 , 1999. Sales volume in 1999 increased by approximately 11 .50% com- pared to 1998. The Utility Fund had net income from operations of $505,738 for the year. The improvement in operations is attributed in part to increased utility rates generating additional revenue. Grant reimbursements of $178,000 and investment income of $353,500 were other sources of revenue. The fund balance of the Utility Fund is $6, 128,336, of which $5,050,676 is reserved for water filtration and purifica- tion improvements. The deficit of the Employee Benefit Fund increased $53,723 to $94,773 at December 31 , 1999. Funding of this liability in prior years has been limited due to the un- likelihood that the entire amount of the liability would be expended in any one year. The cash balnce of this fund at December 31 , 1999 was $226,420 compared to the liability of $321 ,200 associated with governmental fund operations.