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47637 The audited Funds discussed below had a cumulative fund balance of $51,650,823 at 12/31/2023. A review of those funds and a description of their intended sources and uses for budget years 2024 and 2025 are as follows: General Fund (101) – $5,057,260 The General Fund provides resources for financing general services and daily operations of the City including Administration, Finance/Insurance, Police, Fire, Public Works and Parks Maintenance. The fund balance represents the City’s working capital and reoccurring pre–payments. Forfeiture Fund (230) – $59,045 This Special Revenue Fund’s revenues are derived from the sale of vehicles and other seized assets confiscated for driving under the influence and drug–related offenses. State statute restricts the use of these funds to supplement the Police Department’s operating fund for use in DUI/Drug–related enforcement, education and training. HRA Debt Service and HRA Project (various 300’s funds combined) – $3,782,553 These funds were established to account for the City’s HRA and TIF district projects. The TIF revenues are used to pay retire related debt associated with TIF project costs. HRA General Fund (301) – $841,425 The HRA oversees the commercial and residential redevelopment activities in the community. The HRA General Fund allows for the payment of administrative costs which are associated with advancing development within the City. Public Facilities Lease Revenue Bond Fund (311) – $392,568 The Public Facilities Lease Revenue Bond Fund was established to provide debt financing for the construction of the Public Works building and the Fire Station. The $5,530,000 debt issuance will be repaid with funds derived from the Public Facilities Debt Levy. The debt will be fully retired by 2024. Capital Equipment Fund (401) – $461,370 The Capital Equipment Fund is used for major capital equipment purchases (refer to the Capital Equipment Plan). Current funding is derived of Capital Improvement Levy, Road State aid and proceeds from the sale of existing equipment. Additional funding was established in 2016 and 2017 to phase out the transfers of Liquor operating profits and to provide additional support for replacing equipment used in daily operations. An annual levy was established in 2019 in recognition of inflationary impacts over time. Equipment Certificates Fund (402) – $5,706 This fund supports the bond payments for the Equipment Certificates issued in 2016 for the purchase of a fire truck. The 2017 bonds will be retired in 2027. Public Utilities Infrastructure (450) – $3,565,037 The Public Utilities 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. 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. CITY FUND BALANCES 66