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<br />NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br /> <br />Landfill Capital Project Fund - This fund is used to account for certain landfill-related revenue, the <br />expenditures the City may incur in relation to the landfill, and any other expenditures for <br />improvements providing a benefit to the entire city. The fund, does not present a potential liability for <br />landfill closure and post closure care costs as defined by GASB Statement No. 18 as the landfill is not <br />owned by the City. <br /> <br />Equipment Revolving Capital Project Fund - This fund is used to account for resources to finance <br />the replacement of city equipment, vehicles, and/or building facilities. <br /> <br />Public Improvement Ramsey Town Center Capital Project Fund - This fund is used to account <br />for all costs associated with the construction of public improvements related to the Ramsey Town <br />Center Project. <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 Utility Fund - This fund is used to account for the operation of city-owned streetlights <br />within 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. In addition it accounts for property purchased on behalf of the state and the related liability <br />for future state highway improvements. <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 />-32- <br />