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o Debt Service Funds - are us~d for accumulation of resources to pay for paving streets, sewers, w~ter systems, etc. o Capital Project Funds - are used to cover projects that will span more than one year. The budget for a project is established at the time of the project approval for the entire project and not on an annual basis. o Enterprise Funds - are used to account for the operations of self-supporting governmental activities which render services or goods to the public. o Trust and Agency Funds - are used to account for assets held by a government in a trustee or agent capacity for individuals, private organizations, other governments, or other funds. Mr. Hartley detailed ~.808 Administrative Trust Fund as an example. Handout D: General Fund Comparative Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual. Regarding Handout D, Mr. Hartley stated that it is important to remember that the Balance Sheet is like a snapshot of financial position; it is a picture at a given time. The sheet of Revenues and Exp~._~_nses shows the activity that takes place during the year. BUD~-T DIS~USSIONS At this time, Councilmember Cox asked if someone would attempt to reach Councilmember Pearson for the purpose of reminding him of the meeting and asking him if he could possibly still make it. Councilmember Cox stated that this.w-as too important of a topic not to be considered and acted upon by all Councilmambers. Mayor Reimann called a recess at 8:05 p.m. to allow opportunity to reach Councilor Pearson. The meeting was reconvened at 8:30 p.m. upon the arrival of Councilmem~er Pearson. M~. Ha~ley continued his review of the infonration-~_! handouts as fo!lo~m: Handout ..... 7. Letter from.. T~m. Hclton, Co.~p~nitv =_~ucation ~== N~=~-- ~c=n~'~ ~ the Pro~s~ 1988 ~nity Soho! ~adget for City of ~sy~ H~dout F: M~r~m fr~m ~ne E~n~TiC -~ ~ ' '' ~v==opm_n~ Co~TJssion recarakn~ the 1988 ~ ~ ~_~ R~aest. for E~n~ic ~ve!o~nt_ A~_v_~ ~ .... H~ndout G: City Summary of Park Project Cost and'Avaiiab!e Fund Bm!ance So, cas. ~nlOUL m: matte_ from ~=~=~ ~EE%%f<~25, P.E., E~[anscn ~ma~son ~3so~., Inc. rer~ng-' _D-O~=~=C~~ '-~ =~ ~' ~of planning an~ .... cierzcai support servzces to ~ne Cizy of ~sey. =r=~ ~ ~te sh~t for ~ ......... : mn= v~io'~ s~gic~ ~ne City provide. Counciimember Csx asked ~-- :~ would be aDproDriate.at this time for the Council's mae%ins a~nd if f._ ~n~ ~.~i~nations ~e ~ncess~Q~, ~ney co'~d go ~n~d ~/_th ~s~assion of ~ical~r ccns~ns. Counciimember Cox asked if Dark project costs s_nd f?-ndlns could be ad~ress~. _=. Gracz~4~ H~out G~ City S~m~~ of City_ Co'~nci!/Septemb=-r _~°, 1987 Pa~e 3 cf 7