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Capital Project Funds (continued) State Aid Construction Fund: 1FII NANMA I.L. _ EIRCIKPN (Continued) The State Aid Construction Fund was established to account for state -aid allotments used by the City for improvement projects to thoroughfare streets designated as municipal state aid streets within the City. The fund balance on December 31, 1993 showed a deficit of $291,316, which will be recovered through cost reimbursements from the annual MSA allotment to the City. Public Facilities Construction Fund: The Public Facilities Construction Fund is used to account for resources to be used in acquisition of land and construction of public facilities. On December 31, 1993, the fund balance was $294,203, compared to $173,040 on December 31, 1992. Tax Increment Project Funds: The 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 fund balance on December 31, 1993 was $543,933, an increase of $28,128 over 1992. Revolving Funds: The Revolving Funds account for annual improvement projects to be financed by special assessments and other revenue sources. On December 31, 1993, the Sealcoating Revolving Fund had a fund balance of $31,866 and there existed a fund balance deficit in the Improvement Revolving Fund of $538,888. 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, 1993, showed a deficit of $23,296, and can be recovered through levies or the generating of storm sewer revenues from the district. xi