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1 � <br /> Presently, the City is in year nine of a ten-year agreement that provides 90% funding for <br /> operation and maintenance of the carbon filtration plant. Upon completion of the ten-year <br /> agreement, the City will become 100% responsible for the operation and maintenance of <br /> the plant. <br /> The present financial plan in place is to use the annual interest earnings from the money to <br /> fund yearly operation and maintenance costs. Since, the Minnesota Pollution Control <br /> Agency has indicated that contaminates in the water could be in the system for as much as <br /> 100 years, long range financial plans and how these funds can best be used will occur over <br /> the next several years. <br /> Liauor Fund ($916,686) <br /> The Liquor Fund is an enterprise fund used to account for operations from the City's <br /> municipal liquor stores. Profits from operations are directed to capital equipment purchases <br /> and park improvements. <br /> The majority part of the fund balance is inventory and reserves to support the $940,000 <br /> Liquor Revenue Bonds issued in 1997 to build a new off-sale liquor store on Silver Lake <br /> Road. Annual debt payments through 2012 total $95,000 per year. <br /> Severance Fund ($250,007) <br /> The Severance Fund is a resticted use fund that provides funding for employee vacation, <br /> sick leave and comp-time severance pay upon their termination of employment with the <br /> City. <br /> The City's year-end liability for 1998 totaled $321,120. Since it is highly unlikely that all <br /> employees would leave the City at the same time, the City Council has capped this funding <br /> at $250,000 <br />