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CASE # 1 <br /> <br />FUND BALANCES FOR PARK IMPROVEMENTS <br /> By: Mark Boos, Parks/Utilities Supervisor <br /> <br />Background: <br /> <br />The purpose of this case is to examine the various fund balances used for Park Improvements. <br /> <br />Observations: <br /> <br />The Commission should discuss general goals in managing the park improvement funding <br />sources over time. Some funds as in the case of the Landfill Trust Fund Interest Earnings, are <br />spent each year - at a rate that is commensurate with its availability. In the case for the Park <br />Trust Fund (park dedications monies), the practice has been to maintain the fund at a level to <br />provide gignificant interest earnings. <br /> <br />Conversely, with the Lawful Gambling Fund, there is some desire to "turn the money around" in <br />the way of park improvements yrs. building a larger, interest generating account. Apparently, <br />the State of Minnesota has indicated that cities should spend these monies in a similar time frame <br />for improvements for youth - in which they were derived. Staff has interpreted this to mean <br />within the Five-year C.I.P. <br /> <br />As the Commission is aware, the General Fund has not been available beyond operational level <br />park improvements. Similarly, the Public Facilities Improvements Fund has frequent demands <br />placed upon it, and finally, Economic Development monies are available for very defined <br />purposes. Enclosed for your information is the referenced Fund Ledger. <br /> <br />Commission Action: <br /> <br />None required <br /> <br />Reviewed by: <br /> <br />Parks/Utilities Supervisor <br />Finance Officer <br /> <br />Copies also distributed to: <br />Public Works Director <br /> <br />P&R: 09/20/01 <br /> <br />l <br /> <br /> <br />