1993 CAFR - Laserfiche WebLink

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Capital Project Funds (continued) Rum River Drainage District: FITHANCI{AJ 27,c7nigm (Continued) 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 $68,040 on December 31, 1993, which will be recovered from the Park Improvement Trust Fund as projects are completed. The Rum River 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 $7,096, and can be recovered through levies or the generating of storm sewer revenues from the district. Public Improvement Revolving Fund: The Public Improvement Revolving Fund was established to account for all revenues and expenditures in conjunction with the City's annual improvement programs. Funding sources include special assessment collections on closed projects, excess debt service funds and transfers from other funds. The fund balance as of December 31, 1993 was $401,718. Enterprise Funds: Enterprise Funds are used to account for operations that are financed and operated, similar to private business enterprises, where the intent of the Council is that the costs of providing the goods or services to the general public on a continuing basis be financed or recovered primarily through user charges or where periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Sewer and Water Fund: The Sewer and Water Fund is used to account for the activities of the City -owned sewer and water system. During 1993, sewer and water improvements totaling $2,087,939, financed by special assessments and contributions from developers, were completed and capitalized in the Sewer and Water Fund. This contribution to the Fund has been recorded as contributed capital with the fund equity section of the balance sheet. Future expansion of the distribution system, supported by contributions by developers and special assessments, will be recorded in the same manner and depreciated accordingly. xii