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NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />Equipment Revolving Capital Project Fund — This fund is used to account for resources to finance <br />the replacement of city equipment, vehicles, and/or building facilities. <br />Public Improvement Revolving The COR Capital Project Fund — This fund is used to account for <br />all costs associated with the construction of public improvements related to The COR (Previously <br />known as Ramsey Town Center) Project. <br />Armstrong / Bunker Street Improvement Capital Project Fund — This fund is used to account for <br />all costs associated with the construction of public improvements related to the Ainistrong Blvd and <br />Bunker Blvd project. <br />Sunwood Drive Realignment Capital Project Fund — used to account for all costs that are <br />associated with the realignment of Sunwood Drive with The COR. <br />The City reports the following Major Proprietary Funds: <br />Water Utility Fund — This fund is used to account for the operation of the city -owned water system. <br />Sewer Utility Fund — This fund is used to account for the operation of the city -owned sewer system. <br />Street Light Utility Fund — This fund is used to account for the operation of city -owned streetlights <br />within subdivisions and the priority streetlights throughout the City. <br />Recycling Utility Fund — This fund is used to account for the operation of the City's curbside <br />recycling program and annual recycling days. <br />Storm Water Utility Fund — This fund is used to account for the operation of the city -owned stoiiii <br />water system repair and upkeep. <br />The City also reports the following fund types: <br />Internal Service Fund — This fund is used to account for the City's insurance refunds, dividends, and <br />other miscellaneous insurance related revenues, and to provide for self -insuring the deductible <br />portions of the City's insurance policies. <br />Agency Fund — This fund is used to account for assets held by the City in the capacity of agent. The <br />City maintains one Agency Fund to account for deposits held for developers as security for various <br />services. In addition it accounts for property purchased on behalf of the state and the related liability <br />for future state highway improvements. <br />E. Cash and Investments <br />Cash balances from all funds are combined and invested to the extent available in short -tell i investments. <br />Earnings from the pooled investments are allocated to the individual funds based on the average monthly <br />cash and investment balances of the respective funds. <br />66 <br />