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Water & Sewer Fund (701) - $5,466,693 The Water & Sewer Fund is an enterprise fund used to provide water and sewer services to the community. Funding for operation and maintenance of the system is provided on a user-fee basis, which is based on consumption. Stormwater Utility Fund (706) - $5,810,629 In 2015 the Stormwater Improvement and Debt Service Funds were closed upon the retirement of stormwater improvement bonds. The proceeds from the closing of these funds established the Stormwater Utility Fund. Prospectively the primary source of revenues for this fund is the stormwater charges. These charges are used for stormwater maintenance costs, stormwater capital equipment, and flood control projects along with providing funds for Debt Levy relief in connection with the annual infrastructure improvements. Water Filtration Fund (704) - $4,409,200 The Water Filtration & Purification Fund was established with 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 been long-expired. In 2016 the City made a claim under the existing agreement for damages due to a previously undetected contaminant (1.4 Dioxin). The Army and the City working together reached a settlement in the fall of 2016. The settlement will provide funding for an additional treatment process to remove the contaminant from the drinking water. In connection with this recent settlement the Water Filtration Fund was closed and its assets were transferred for utility operating and capital needs. The 2016 Army settlement proceeds along with Water Filtration transfer proceeds established the Utilities Infrastructure Fund. The Utilities Infrastructure Fund will be the capital fund used prospectively to fund capital needs of the water, sanitary sewer and fiber optic utilities. Liquor Fund (705) - $2,114,244 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 reducing the general fund levy. The fund balance is substantially comprised of cash, inventory, buildings, and fixtures. Severance Fund (901) - $82,882 (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 2015 totaled $668,432. The City established an annual fund transfer in 2014 to meet severance obligations as they come due. 72