2017.07.17 CC Packet - Laserfiche WebLink

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CITY OF HUGO, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) 3. Detailed Notes on All Funds (Continued) G. Fund Equity The City has committed and assigned portions of fund equity in the governmental funds. A summary at December 31, 2016 is as follows: The City has restricted portions of fund balance in the fund financial statements and fund equity in the government -wide financial statements. The restricted fund balance / equity represents the portion not available for expenditure or legally segregated for specific future use. A summary of the restricted portion of the fund balance / equity at December 31, 2016 is as follows: Restriction Imposed By Specific Purpose Contributors Grantors Creditors Regulations Restricted Fund Balance Debt Service Funds: Debt service requirements TIF Capital Project Fund: Tax increment financing plan Total Restricted Fund Balance Restricted Net Position Debt service requirements Tax increment financing plan Total Restricted Net Position $ $ $ 2,847,900 $ 395,899 $ $ $ 2,847,900 $ 395,899 $ $ $ 5,384,236 $ 395,899 $ $ $ 5,384,236 $ 395,899 54 Property and Abatement Compensated Firefighter's Public Equipment Special Park Levy Offset Absences Relief Improvements Acquisition Committed Park improvement $ 1,010,278 $ $ $ $ $ Bond principal retirement 377,410 Compensated absences 476,903 Total Committed —T 1,010,278 $ 377,410 $ 476,903 $ $ $ Assigned Municipal contributions to fire relief $ $ $ $ 74,134 $ $ Public improvements 4,337,086 Property and equipment acquisition 4,404,412 Total Assigned $ $ $ 74,134 4,337,086 4,404,412 The City has restricted portions of fund balance in the fund financial statements and fund equity in the government -wide financial statements. The restricted fund balance / equity represents the portion not available for expenditure or legally segregated for specific future use. A summary of the restricted portion of the fund balance / equity at December 31, 2016 is as follows: Restriction Imposed By Specific Purpose Contributors Grantors Creditors Regulations Restricted Fund Balance Debt Service Funds: Debt service requirements TIF Capital Project Fund: Tax increment financing plan Total Restricted Fund Balance Restricted Net Position Debt service requirements Tax increment financing plan Total Restricted Net Position $ $ $ 2,847,900 $ 395,899 $ $ $ 2,847,900 $ 395,899 $ $ $ 5,384,236 $ 395,899 $ $ $ 5,384,236 $ 395,899 54