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2021 Budget Book
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2021 Budget Book
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<br /> <br />637 <br /> <br />The audited Funds discussed below had a cumulative fund balance of $43,056,465 at 12/31/2019. A review <br />of those funds and a description of their intended sources and uses for budget years 2020 and 2021 are as <br />follows: <br /> <br />General Fund (101) – $2,590,790 <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 represents the City’s working capital and reoccurring insurance pre–payment. <br /> <br />Recycling Fund (225) – $15,261 <br />This Special Revenue fund was established to manage recycling services and programs within the City limits. <br />Recycling Grants from Hennepin and Ramsey counties fund these activities. <br /> <br />Forfeiture Fund (230) – $46,294 <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) – $7,324 <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) – $1,183,555 <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) – $71,083 <br />The HRA oversees the commercial and residential redevelopment activities in the community. The HRA <br />General Fund allows for the payment of administrative costs which are associated with advancing <br />development within the City. <br /> <br />Public Facilities Lease Revenue Bond Fund (311) – $599,329 <br />The Public Facilities Lease Revenue Bond Fund was established to provide debt financing for the <br />construction of the Public Works building and the Fire Station. The $5,530,000 debt issuance will be repaid <br />with funds derived from the Public Facilities Debt Levy. The debt will be fully retired by 2024. <br /> <br />Capital Equipment Fund (401) – $728,120 <br />The Capital Equipment Fund is used for major capital equipment purchases (refer to the Capital Equipment <br />Plan). Current funding is derived of Capital Improvement Levy, Road State aid and proceeds from the sale <br />of existing equipment. Additional funding was established in 2016 and 2017 to phase out the transfers of <br />Liquor operating profits and to provide additional support for replacing equipment used in daily operations. <br />An annual levy increase of $25,000 was established in 2019 in recognition of inflationary impacts over time. <br /> <br />CITY FUND BALANCES <br />61
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