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TRUST AND AGENCY FUNDS <br />The Trust and Agency Funds are used to account for assets held by the City in a <br />trustee or agent capacity for individuals, private organizations, other <br />governmental units, or other funds. The City's Trust Funds are classified as <br />Expendable Trust Funds and are accounted for with the Agency Funds in <br />essentially the same manner as Governmental Funds. <br />Landfill Trust Fund <br />This fund is used to account for certain landfill related revenue, the <br />expenditures the City may incur in relation to the landfill and any other <br />expenditures for improvements providing a benefit to the entire City. <br />Escrow Fund <br />This fund is used to account for deposits held for platting deposits, <br />professional fees, performance bonds, and other miscellaneous deposits. <br />Park Improvement Trust Fund <br />This fund is used to account for all park dedication fees to be used for land <br />acquisition and park development. <br />Amin; r iv Try Fund <br />This fund is used to account for a surcharge levied against each special <br />assessment to finance the administrative costs that are generated in the General <br />Fund in maintaining the special assessments. <br />Equipment Revolving Fund <br />This fund is used to finance the replacement of City equipment. <br />Fire Department Equipment Revolving Fund <br />This fund is used to finance the replacement of the volunteer fire department's <br />equipment. <br />Self - Funding Insurance Fund <br />This fund is to account for insurance refunds, dividends and other miscellaneous <br />insurance related revenues, and to provide for self- insuring the deductible <br />portions of the City's insurance policies. <br />Flexible Benefit Plan Fund <br />This fund is used to account for the City's flexible benefit plan which is <br />classified as a "cafeteria plan" under Section 125 of the Internal Revenue Code. <br />Economic Development Authority Fund <br />The Economic Development Authority Fund is used to account for the City's' <br />economic development activities. <br />Agency Funds <br />The Minnesota State, Kemper, Metropolitan Life Deferred Compensation and Great <br />West Funds are used to account for employee deferred compensation plans created <br />in accordance with Internal Revenue Code Section 457. <br />