CC PACKET 09071999 - Laserfiche WebLink

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City Fund Balances The audited Fund Balances for City operations at the end of 1998 totaled $101573,683. A review of those funds and a description of their intended use for budget year 1999 are listed below. General Fund ($711,294) The General Fund provides resources for financing general services and daily operations of the City including Administration, Finance/Insurance, Police, Fire, Public Works and Parks Maintenance. The fund balance has been committed to support 1999 expenditures for: 1) $529,160 Working Capital 2) $ 13,500 Fire Department Budget Deficit 3) $ 5,000 VillageFest 4) $ 28,000 Unemployment Reserves 5) $ 93,263 Insurance Reserves 6) $ 6,758 MPRS Legal Reserves 7) $ 15,613 Schnitzer Legal Reserves . 8) $ 20,000 Contract Insurance Deductibles General Fund Reserves ($163,161 ) These reserves have been set aside to provide funding for unanticipated expenditures. Accumulation of the reserves has taken place over several budgeting years and helps provide the City with alternatives should an emergency arise. Current allocation of the fund balance includes $150,000 for Budget Levy Reserves and $13,161 non-designated reserves. MSA Road Project Fund ($38,928) This fund is restricted to provide funding for reconstruction or renovation/design of streets and sidewalks that are designated as Minnesota State Aid Road Projects. Revenues are derived from State Aid funding of the projects. The fund balance is used to fund start up costs for future MSA projects and must be spent on the improvements of those roads. Recycling U Beautification Fund ($60,490) This fund is a restricted use fund that provides funding for recycling services and beautification of the City boulevards. A portion of the Management Assistant's salary is charged to this fund. Grants from Hennepin and Ramsey Counties provide the primary funding for recycling. The fund is also committed as a revenue and expenditure source for the City's annual Clean-up Day.