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22 Honorable Mayor and Members of the City Council City of St. Anthony,Minnesota Financial Summary,continued Special Revenue Funds Each of the special revenue funds is maintained for a specific purpose. These funds remain financially sound at December 31, 2003, although certain fund balances have declined due to utilization of funds and diminishing revenue sources to maintain current program levels. Debt Service Funds Fund balances of these funds are restricted for debt service requirements and are not available for current expenditure purposes until the debt is retired. Many of the debt service funds maintained relate to the City's street improvement program. Fund balances of these funds are the result of prepayments of assessments levied in connection with improvement projects. Existing fund balances, combined with annual tax and assessment levy amounts, are sufficient to satisfy 2004 debt service requirements. Other debt service funds have positive fund balances and rely mainly on general property tax levies for revenues to make debt service payments. Debt service funds related to the Housing and Redevelop- ment Authority have existing fund balances and combined with current collection of tax increment revenues continuing, sufficient revenues will be generated from the tax increment districts to satisfy current debt service requirements related to the remaining two bond issues. Lease payments from the City will be the primary source of revenue for payment of debt service pertaining to the Public Facilities Lease Revenue bonds. Capital Project Funds The City incurred improvement costs of approximately$5,390,000 in 2003. Improvement costs related to the street improvement project totaled$1,552,300. The acquisition of property and preliminary costs associated with the renovation of public works facilities and construction of a fire station totaled approximately$2,134,000. Also,included in improvement costs were project costs of the storm water improvement program of$295,710 and park improvement costs of$526,840. In addition,the HRA incurred significant costs related to securing redevelopment agreements and payments to developers of$790,000. Proceeds from the issuance of Public Facilities Lease Revenue bonds used to finance costs of the public works and fire improvement projects which were unexpended at year(available for completion of project costs)accounted for the increase in fund balance of the capital project funds. Proprietary Funds The Liquor Fund had net operating income of$184,457 for the year. Operating income decreased due to the closure of the City's on-sale and off-sale operations at one location during redevelopment of this property. Transfers of$320,000 were made from the Liquor Fund during the year; $175,000 to the General Fund and$150,000 to the Capital Equipment Fund.