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Storm Water Fund (702) - $55,383 The primary source of revenues for this fund is the storm water charges. These charges are currently being used to retire bonds issued in 2000 for a major storm sewer improvement. Once Bonds are retired in 2015 these charges will be available to support storm water reconstruction costs incurred in the annual street projects. Storm Water Bond Fund (703) - $147,981 The Storm Water Bond Fund was established to provide debt financing for storm sewer improvements along 29th Avenue. The $1,610,000 debt issuance will be repaid with funds derived from storm water charges. The debt will be fully retired in 2015 and this will fund will be closed at the end of the year. Water Filtration & Purification Fund (704) - $4,870,808 The Water Filtration & Purification Fund was established and is dedicated to provide safe drinking water to the residents. The monies in this fund were derived from a cash settlement that the City received from the United States Army and Honeywell as damages for contaminating the City’s water supply. The original ten- year agreement which provided 90% funding for operation and maintenance of the carbon filtration plant has expired. A significant fund balance is maintained to address any future needs related to contamination. Liquor Fund (705) - $2,238,739 The Liquor Fund is an enterprise fund used to account for operations from the City’s municipal liquor stores. Profits from operations are directed to capital equipment purchases and reducing the general fund levy. The fund balance is substantially comprised of cash, inventory, buildings, and fixtures. Severance Fund (901) - $21,317 (cash) The Severance Fund is a restricted use fund that provides funding for employee personal leave and comp- time severance pay upon their termination of employment with the City. The City’s liability for 2014 totaled $658,904. The City established an annual fund transfer in 2014 to meet severance obligations as they come due. HRA Debt Service and HRA Project (various funds combined) - $1,126,842 These funds were established to account for the City’s existing TIF district. The TIF revenues are used to pay retire related debt associated with project costs. Silver Lake Village Park (350) - ($2,267) This improvement fund was used to account for the Silver Lake Village Park improvement. Prospectively, this fund will account for the Silver Lake Water Quality Treatment Project. Upon completion of this later project the fund will be closed. 68