Agenda - Council - 06/23/2020 - Laserfiche WebLink

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NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Private Developer Special Revenue Fund — This fund is used to account for monies deposited from developers to offset city administrative costs. 2011A Armstrong/Bunker Bond Debt Service 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. 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. 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 Custodial Fund — This fund is used to account 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