Agenda - Council - 06/23/1981 - Laserfiche WebLink

Home

J I '1 I J CITY ASSUMED SPECIAL ASSESSMENTS City assumed special assessments represent the portion of constrection costs which were determined to be a benefit to the City. Therefore, such costs are not assessed against specific property owners. The City has adopted a financing plan which requires a transfer from the General Fund to the Special Assessment Funds to pay for such costs. Under the plan, the assessments ~ill be paid off in ten years. At December 31, 1980, the balance of City assumed special assessments was $60,166. The amount w-ill be recorded as an other financing source in the year received. FUR-D DEFICIENCIES/DEFICITS Expenditures exceeded revenues in certain individual funds for the year ended December 31, 1980, as follows: Special Revenue: Parks .............................................. $14,890 Capital Prejects: State-Aid Construction ............................. 9,622 A fund balance_deficit existed at December 31, 1980 in the following funds: Capital Projects: State-Aid Construction ............................. Special Assessments: 1979 Special Assessment ............................ ~ 986 15,848 10. INTERFUND RECEIV~BT.WS AND PAYABI,ES Fund I_nterfund Receivables General ............................... $t,180 Special Assessments ................... 1,632 Trust and Agency - Escrow ............. Total .................. $2,812 Interfund Payables ~1,632 1~!80 ~2,812 11. COT,T,ATERAL FOR BANK DEPOSITS Minnesota law requires that Uublic funds on deposit in banks be protected by deposit insurance and pledged collateral. On December 31, 1980, the City's funds on deposit exceeded such protection by approximately $211,000. - 12 -