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