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CITY OF HUGO, MINNESOTA <br />NONMAJOR FUNDS <br />December 31, 2015 <br />SPECIAL REVENUE FUNDS <br />Special Park Fund: <br />This fund is used to accumulate resources (property taxes, fees from developers and other <br />miscellaneous revenues) to provide funds for constructing and improving the City's parks. <br />Firefighter's Relief Fund: <br />This fund was established by City Council resolution to set aside funds for municipal contributions to <br />the Hugo Firefighter's Relief Association. <br />Tax Increment Financing Collection Fund: <br />This fund is an accumulation of tax increment proceeds and land sales. <br />DEBT SERVICE FUNDS <br />Abatement Levy Offset Fund: <br />This fund is used to offset the property tax levies required to retire certain bonds issued by the City. <br />Compensated Absences Fund: <br />This fund is used to accumulate resources (transfers from the General Fund) to ensure funds are <br />available to pay compensated absences as they become payable. <br />