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<br />NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br /> <br />Equipment Revolving Capital Project Fund - This fund is used to account for resources to finance <br />the replacement of city equipment, vehicles, andlor building facilities. <br /> <br />Public Improvement Ramsey Town Center Capital Project Fund - This fund is used to account <br />for alI costs associated with the construction of public improvements related to the Ramsey Town <br />Center Project. <br /> <br />Revolving Acquisition Loan Fund (RALF) Capital Project Fund - This fund is used to account <br />for resources and expenditures related to the purchase of property for future state road development. <br /> <br />Municipal Center Capital Project Fund - This fund is used to account for the resources to be used <br />to finance the construction of the Municipal Center located within Ramsey Town Center. <br /> <br />RTC Streetscape Capital Project Fund - This fund is used to account for the resources to be used <br />to finance the completion of the Streetscape located within Ramsey Town Center. <br /> <br />The City reports the following Major Proprietary Funds: <br /> <br />Water Utility Fund - This fund is used to account for the operation of the city-owned water system. <br /> <br />Sewer Utility Fund - This fund is used to account for the operation of the city-owned sewer system. <br /> <br />Street Light Fund - This fund is used to account forthe operation of city-owned streetlights within <br />subdivisions and the priority streetlights throughout the City. <br /> <br />Recycling Utility Fund - This fund is used to account for the operation of the City's curbside <br />recycling program and annual recycling days. <br /> <br />Storm Water Utility Fund - This fund is used to account for the operation of the city-owned storm <br />water system repair and upkeep. <br /> <br />The City also reports the following fund types: <br /> <br />Internal Service Fund - This fund is used to account for the City's insurance refunds, dividends, and <br />other miscellaneous insurance related revenues, and to provide for self-insuring the deductible <br />portions of the City's insurance policies. <br /> <br />Agency Fund - This fund is used to account for assets held by the City in the capacity of agent. The <br />City maintains one Agency Fund to account for deposits held for developers as security for various <br />servIces. <br /> <br />E. Cash and Investments <br /> <br />Cash balances from all funds are combined and invested to the extent available in short-term investments. <br />Earnings from the pooled investments are allocated to the individual funds based on the average monthly <br />cash and investment balances of the respective funds. <br /> <br />Cash and investments held by trustee include balances held in segregated accounts that are established for <br />specific purposes, such as refunding bond escrow accounts held by trustee established for certain bonds to <br />be refunded in future years. Interest earned on these investments is allocated directly to the escrow <br />account. The City reports investments at fair value. Securities traded on national exchanges are valued at <br />the last reported sales price. <br /> <br />-31- <br />