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o Debt Service Funds - are used for accumulation of resources to <br /> pay for paving streets, sewers, water systems, etc. <br /> o Capital Project Funds - are used to cover projects that will span <br /> more than one year. The budget for a project is established at <br /> the time of the project approval for the entire project and not <br /> on an annual basis. <br /> o Enterprise Funds - are used to account for the operations of <br /> self-supporting governmental activities which render services or <br /> goods to the public. <br /> o Trust and Agency Funds - are used to account for assets held by a <br /> government in a trustee or agent capacity for individuals, <br /> private organizations, other governments, or other funds. Mr. <br /> Hartley detailed #808 Administrative Trust Fund as an example. <br />Handout D: General Fund Comparative Balance Sheet and Statement of Revenues, <br /> Expenditures, and Changes in Fund Balance - Budget and Actual. <br /> Regarding Handout D, Mr. Hartley stated that it is important to <br /> remember that the Balance Sheet is like a snapshot of financial <br /> position; it is a picture at a given time. The sheet of Revenues <br /> and Exp~_nses shows the activity that takes place during the year. <br /> <br />BUDGET DISCUSSIONS <br /> <br />At this time, Councilmember Cox asked if someone would attempt to reach <br />Counci]~amber Pearson for the purpose of reminding him of the meeting and asking <br />him if he could possibly stikl make it. Counci~ Cox stated that this.w-as <br />too important of a topic not to be considered and acted upon by all <br />Councilmember s. <br /> <br />Mayor Reimann called a recess at 8:05 p.m. to allow opportunity to reach <br />Counci~ Pearson. <br /> <br />The meeting was reconvened at 8:30 p.m. upon the arrival of Councilmember <br />Pearson. <br /> <br />Mr. Hartley continued his review of the informational handouts as follows: <br /> <br />Handout E: Letner from T~ Holton, C~u-~nity Education Area Mmnager regarding <br />the Proposed 1988 Co~u~nity School ~adget for City of Ramsy. <br />Handout F: Memorandum fr~ the Economic Development Commission regarding the <br /> 1988 ~adget Requ. est for Econ~T.~c Development A~ivities. <br />.wm_ndout G: City Sum~ary of Park Prcject Cost and Available Fund Balance <br /> Sources. <br />H~ndout H: Letter from Peter Raatikk~, P E., Hakanson ~nderson Assoc.~ inc. <br /> regarding provision of planning and clerical support services to <br /> +~he City of Ramsey. <br />Handout I: Rate shee~ for tine various s~ices tine city provides. <br /> <br />Councilmember Cox asked ;= ~ -~'~ __ this time for <br /> ~, ~_ wo~ be appropria.~ a~_' <br />Comnci~_rs to discuss their items of conc~n. M~. Ha_~a!ey stated that it is <br />%he Council's meeting ~nd if further ek?!~nations are u~ncessat-f, ~_ne3 could 9o <br />ahead ~ith disTassion of partical~ concerts. <br /> <br />Councilmember Cox asked if park project costs s=nd funding could be addressed. <br />~. Graczyk RevieweJ Handoun G, City Sunrnary of Pardi Proje~ Cos%s ~n5 Available <br /> <br />City Co'an.~_z/~__r~eroez 29, 1987 <br /> Page 3 of'7 <br /> <br /> <br />