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Special Revenue Funds The Revenue Sharing Fund continues to provide financial support for capital improvement expenditures. During 1982 the fund received $43,286 from Entitlement Periods 13 and 14, and $7,419 in interest. Revenue Sharing funds expended during 1982 were used to help purchase a four wheel drive truck and a tractor for the street maintenance department, and to cover the additional expenses not covered by the community development block grant for the completion of a senior center and community room in the lower level of city hall. In previous years, Revenue Sharing funds have been used for a front end loader, squad car, radios for city vehicles, park development, grader purchase, drainage study and thoroughfare plan. Capital Projects Funds Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. The State Aid Construction Fund is used to account for state -aid construction revenue, and the disposition of that revenue by improvement projects to thoroughfare roads within the City. The year end fund deficit of $45,015 represents expenditures incurred during 1982 which are to be paid with 1983 revenues. General Fixed Assets The general fixed assets of the City are those fixed assets used in the performance of general governmental functions. The City has chosen not to report public domain fixed assets such as streets, storm sewers and similar assets that are immovable and of value only to the City. As of December 31, 1982, the general fixed assets of the City amounted to $1,420,034. This amount represents the original cost of the assets and is considerably less than their present value. Depreciation of general fixed assets is not recognized in the City's accounting system. Past Year's Operations and Future Prospects During the past year the City suffered from the economic recession. The State of Minnesota was short of revenue during this period and that in turn led to short falls in local government aid payments and reductions in homestead credit. It appears that we will see a greater reliance on property taxes because of the limited availability of state and federal funds. Ramsey has used a conservative approach to the delivery of public services to its citizens which has allowed the City to create a comfortable fund balance. This fund balance will give the City the time it needs to develop properly. The following are areas which need improvement, which wouldin turn enhance Ramsey's future: