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NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Landfill Capital Project Fund — This fund is used to account for certain landfill- related revenue, the expenditures the City may incur in relation to the landfill, and any other expenditures for improvements providing a benefit to the entire city. The fund does not present a potential liability for landfill closure and post closure care costs as defined by GASB Statement No. 18 as the landfill is not owned by the City. 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 Revolving The COR Capital Project Fund — This fund is used to account for all costs associated with the construction of public improvements related to The COR (Previously known as Ramsey Town Center) Project. Armstrong / Bunker Street Improvement Capital Project Fund — This fund is used to account for all costs associated with the construction of public improvements related to the Armstrong Blvd and Bunker Blvd project. 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 Utility 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. In addition it accounts for property purchased on behalf of the state and the related liability for future state highway improvements. 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. 64