1994 CAFR - Laserfiche WebLink

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JFTtNANCT[AIL ,gUIMIUIAIJIY (Continued) Capital Project Funds (continued) Tax Increment Project Funds: The two Tax Increment Project Funds are used to account for proceeds of bond issues to be used for site improvements and for improvement projects to be financed by future tax increments and /or future bond sales supported by property taxes in the form of tax increments. The combined fund balance on December 31, 1994 was $570,781, an increase of $26,848 over 1993. Sealcoating and Improvement Revolving Funds: The Sealcoating and Improvement Revolving Funds account for annual improvement projects to be financed by special assessments and other revenue sources. On December 31, 1994, the Sealcoating Revolving Fund had a fund balance of $0 and there existed a fund balance deficit in the Improvement Revolving Fund of $7,916. This deficit will be eliminated as projects are closed and anticipated revenues are received in the form of special assessments, state aid allotments and other revenues. Mississippi Drainage District Fund: The Mississippi Drainage District Fund is used to account for storm sewer drainage projects within the special district established in accordance with Minnesota Statutes Section 444.20. The City may levy for expenditures associated with the construction and maintenance of storm sewer systems and related facilities. The fund balance on December 31, 1994, showed a deficit of $24,564, and can be recovered through levies or the generating of storm sewer revenues from the district. Park Improvement Revolving Fund: The Park Improvement Revolving Fund was established to account for park acquisition and improvements as detailed in the Capital Improvement Program. This fund acts as a clearing account for projects with its main funding source being transfers from the Park Improvement Trust Fund. There existed a deficit fund balance of $14,081 on December 31, 1994, which will be recovered from the Park Improvement Trust Fund as projects are completed. xiv