Agenda - Council Work Session - 04/26/2016

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purchases as outlined in the five-year Capital Improvement Plan and the annual General Fund Budget and authorized by majority vote of City Council; and (2) Transfers to the General Fund at year end for deficient General Fund Revenue as outlined in the Excess/Deficient General Fund Revenue Policy (#11-11-217) (Resolution # will be amended after policy is amended); and (3) Transfers to the General Fund for unscheduled, unbudgeted, maintenance repair, whereas such cost exceeds $10,000 and Council declares that an emergency situation has occurred. Ed) Fuld Baak'sa chill be increased and maintained at a mimimum level equal to one hundred percent (100%) of the total accumulated depreciated cost of all equipment, vehicles, and/or buildings and facilities in the Equipment Revolving Fund. (d) This fund is eligible for inter -fund loans. 8. Storm Water Management Fund (Fund 9292) (a) The Storm Water Management Fund shall be used to account for contributions from developers to recoup expenses and finance storm water projects that have been, or will be done, to allow additional development to occur. (b) Funding shall consist of the following sources: (1) Developer's Contributions; and (2) Interest Earnings on the Storm Water Management Fund from the distribution of pooled interest earnings. (c) Expenditures shall consist of the following uses: (1) Storm Water projects, but which does not include the maintenance of existing storm system. (d) This fund is eligible for inter -fund loans. c. Debt Service Funds. (Funds 9300-9399) Debt Service funds are used to account for the accumulation of resources for, and the payment of, general long term debt principal and interest. 1. The City shall maintain one Debt Service Fund with individual fund activities created by staff on an as needed basis as required by Minnesota Statutes regarding debt issuance. Each debt issue shall be treated as a separate fund activity under one main Debt Service Fund. All assets, liabilities, fund equity, payments, and revenues shall be maintained as separate accounts for each activity. 2. These funds are not eligible for inter -fund loans. However, after retirement of the bonds, these funds may be used at the discretion of the City Council. d. Capital Project Funds. Capital Project Funds shall be used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds and Trust Funds). The following are the City's Capital Project Funds: Page 6 of 14