Agenda - Council - 06/12/2018 - Laserfiche WebLink

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NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2012A G.O. Improvement Bond Refund Debt Service Fund — The 2005A Public Project Lease Revenue Bond was issued to finance the construction of the city's municipal center. Series 2012A G.O. Capital Improvement Bond was used to refund this original bond issue. 2011A Armstrong/Bunker Bond Fund — The $4,365,000 Series 2011A bonds will be repaid with annual allotments of Municipal State Aid and an annual assessment per the assessment agreement between the city of Ramsey and Hageman Holdings for the improvements that were necessary for the future Legacy School. Public Improvement Revolving Capital Project Fund — This fund is used to account for the resources to be used to finance the City's share of the annual street maintenance program. 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. Road Reconstruction/Overlay Capital Project Fund — This fund is used to account for all expenditures related to the reconstruction and overlay projects as outlined in the city's Long -Term Street Maintenance Plan. Public Facilities Construction Capital Project Fund — This fund is used to account for the resources to be used for land acquisition and the construction of public facilities. Fire Station #2 Capital Project Fund — This fund is used to account for the resources used to finance the construction of the city's second fire station. 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 ofthe 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 ofthe City's insurance policies 66