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Honorable Mayor and Members of the City Council City of St. Anthony, Minnesota • Financial Summary, continued Of the fund balance, $37,953 is reserved (unavailable for current expenditure) and the remaining balance of $711 ,294 has been designated by the Council . A major por- tion of the fund balance, $529, 160, has been designated for working capital purposes. This reserve provides financing of current operations until tax settlements and state . aids are received. This reserve also serves as a safeguard against potential revenue shortages or- unexpected expenditures which may occur throughout the year. The reserve for working capital represents approximately 15.73% of budgeted expenditures for 1999; this compares to 15.67% for 1998. Other designatations of the fund balance are: $115,634 for self-insurance and potential legal claims, $48,000 related to police unemployment and insurance; and $18,500 for other designations. Special Revenue Funds Each of these funds remain financially sound with sufficient fund balance reserves available to finance their respectively activities in 1999. The fund balance of -the General Reserve Fund of $163, 161 has been designated for revenue stabilization purposes (revenue shortages) in the General Fund. This amount will be utilized only if needed. Debt Service Funds Each of the debt service funds related to the City's street improvement program remained financially sound. The bond funds for 1997 and 1998 increased during the year largely from the collection (prepayment) of assessments received by the City. Existing fund balances combined with annual levy amounts, are sufficient to satisfy 1999 debt service requirements. These fund balances are reserved for debt service purposes and are not available for current expenditure purposes until the debt is retired. The debt service funds related to the Housing and Redevelopment Authority also have existing fund balances. Although debt related to the Kenzie project has been retired, the fund balance of $1 ,231 ,768 has been pledged to debt issued for construction of the community center. It is anticipated, based on current collec- tion of tax increment revenues continuing, sufficient revenues will be generated from each of the tax increment districts to satisfy current debt service require- ments for the remaining two outstanding bond issues. Capital Project Funds As previously noted, transfers of the surplus from General Fund operations have been made to the Revolving Improvement Fund. As a result, the fund balance of this fund has increased to approximately $1 , 118,200. This has permitted the City to internally finance minor improvement projects, capital acquisitions, or provide funding for other improvements and renovations with these available funds. Much of the fund balance of this fund has been designated by Council ; major designations are: $387,880 for capital equipment acquisitions; $455,323 for park and public works improvements; $175,000 for stormwater renovation projects; and $100,000 for budget/levy reserves. These amounts are tentative plans and may be redesignated by the Council . The other significant activity involves the Storm Water Improve- • ment Fund. Current activity included the acquisition of certain houses and start of construction of storm water storage areas. Funding is initially through a variety of federal , state and local grants and aids.