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stimulating development within the City. The deficit fund balance will be retired over time due to the 2013 increase in the HRA Levy and the elimination of the annual transfer to the General Fund. Capital Equipment Fund (401) - $41,065 The Capital Equipment Fund is used for major capital equipment purchases (refer to the 5 -Year Capital Equipment Plan). Current funding is derived from transfers of Liquor profits, Road State aid, Water Infiltration interest earnings and proceeds from the sale of existing equipment. Additional Funding has been established in 2013 with a Capital Improvement Levy of $50,000. Park Improvement Fund (501) - $36,006 The Park Improvement Fund provides for the renovation and refurbishing of the City's park system. Current revenue sources are donations from private sources and park land user fees. The fund revenues are designated for park improvements. Tax Abatement Bond Fund (502) - $132,245 This fund provides funds to support the bond payments for the Tax Abatement Bonds issued in 2001 & 2009 for Park Improvements. The 2001 bonds will be retired in 2016, reducing annual debt service requirements by approximately $55,000. The 2009 bonds will be retired in 2025, eliminating the remaining annual debt service requirements of approximately $175,000. Street Improvement Bond Fund (345/503) - $3,442,836 The Street Improvement Bond Fund revenues include special assessments and a portion of Road improvement Levy. These proceeds are used to retire debt associated with road improvement bonds issued prior to 2009.The Fund balance above includes $2,164,079 of restricted funds related to the advance refunding of certain bond issues. The remaining Fund balance will be used to service the annual debt service requirements. Debt obligations serviced by this fund will be fully retired by 2023. Road Improvement Construction Fund (504) - $194,459 This represents the remaining project funds for Street Improvements prior to 2009. The disposition of this fund will be determined in connection with a debt service study performed during 2013. The fund's assets (cash) will be transferred in accordance with the study's findings and will result in the closure of this fund. Revolving Fund (509) - ($48,597) The Revolving Fund has served as general improvement fund for discretionary projects. City Council has designated the use of this fund to projects such as park improvements, capital equipment purchases, computer technology, street improvements and contingencies for emergency expenditures. 2012 MSA proceeds have eliminated the deficit fund balance. Building Improvement Fund (502) - $1,822 The fund was established to provide funding for infrastructure and non - recurring maintenance costs for City owned buildings and structures throughout the Village. Funding of these projects has been established in the 2013 Budget by transferring form the Community Center Fund and Liquor proceeds beginning in 2014. 67