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Tax Increment Fund: The purpose of this fund is to account for the revenue roeeived from general property taxes in the form of tax increments for the City's tax increment financing districts and transfer of funds necessary for the retirement City Administrator Schroeder stated that transfers would be made to the Economic Development Authority in an amount not to exceed 10 percent of available increments revenues. Municipal State Aid Construction Fund: The purpose of this fund is to account for state-aid allotments used by the City for improvement projects to thoroughfare streets designated as municipal state aid streets within the City. Equipment Revolving Fund: This fund shall be used to finance the replacement of City equipment vehicles and or buildings and additions. Finance Officer Hart suggested that the fund balance be increased to and maintained at a minimum level equal to 110 percent of the original cost of all equipment, vehicles and/or buildings and additions in the ERF. Motion by Councilmember Zimmerman and seconded by Mayor Cdlbertson to recommend that City Council introduce the proposed ordinances. Motion oarried. Voting Yes: Mayor Gilbertson, Councilmembers Zimmerman, Beyer, Peterson and. Hardin. (Councilmember Hardin stated he wants Council to further discuss the street maintenance program and the TIF fund.) FinanceOffieer Hart explained that the ordinance relating to the Charitable Gambling Fund will be presented for amendments upon completion of the task force review of lawful gambling. ADJOURNMENT Consensus was to adjourn the meeting. The regular meeting of the Finance Committee adjourned at 7:02 p.m. Respectfully submitted, 357` Jessie Hart Finance Officer Finance Committee/September 28, 1993 Page 3 of 3