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<br /> <br /> <br /> <br />The audited Funds discussed below had a cumulative fund balance of $20,727,368 at 12/31/2014. A review <br />of those funds and a description of their intended sources and uses for budget years 2015 and 2016 are as <br />follows: <br /> <br />General Fund (101) - $2,475,481 <br />The General Fund provides resources for financing general services and daily operations of the City <br />including Administration, Finance/Insurance, Police, Fire, Public Works and Parks Maintenance. The fund <br />balance provides the City’s Working Capital, Insurance Reserves, Contract Insurance Reserves/Deductibles, <br />Unemployment Reserves, and funds Pre-Paid Insurance requirements. <br /> <br />MSA Bond Fund (207) - $66,106 <br />This is the Debt Service Fund associated with the State-Aid Street Improvement Bonds issued in 2000. A <br />portion of the City’s annual road maintenance State-Aid is used for the annual payment of principal and <br />interest. The debt will be retired in 2015. <br /> <br />Recycling Fund (225) - $5,668 <br />This Special Revenue fund’s was established to manage recycling services and programs within the City <br />limits. Recycling Grants from Hennepin and Ramsey counties fund these activities. <br /> <br />Forfeiture Fund (230) - $31,172 <br />This Special Revenue Fund’s revenues are derived from the sale of vehicles and other seized assets <br />confiscated for driving under the influence and drug-related offenses. State statute restricts the use of <br />these funds to supplement the Police Department’s operating fund for use in DUI/Drug-related <br />enforcement, education and training. <br /> <br />Fire Training Fund (240) - $2,909 <br />The Fire Training Fund provides additional Police and Fire training outside of the General Fund Levy. <br />Funding of this training is generated by the City’s Certified Fire Instructors providing training services to <br />other jurisdictions. <br /> <br />HRA Debt Service and HRA Project (various 300’s funds combined) - $745,873 <br />These funds were established to account for the City’s HRA and TIF district projects. The TIF revenues are <br />used to pay retire related debt associated with TIF project costs. <br /> <br />HRA General Fund (301) - ($159,775) <br />The HRA oversees all commercial and residential redevelopment activities in the community. The HRA <br />General Fund allows for the payment of administrative costs which are associated stimulating development <br />within the City. The deficit fund balance will be substantially retired in 2015. <br /> <br />Silver Lake Village Park (350) - ($171,550) <br />This improvement fund was used to account for the Silver Lake Village Park improvement. Prospectively, <br />this fund will account for the Silver Lake Water Quality Treatment Project. Upon completion of this project <br />and the collection of grant and transfer proceeds the fund will be closed. <br /> <br /> <br />CITY FUND BALANCES <br /> <br />71