1995 CAFR - Laserfiche WebLink

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Special Revenue Funds (continued) FINANCIAL SECTION (continued) Lawful Gambling Fund (continued): The fund balance as of December 31, 1995 was $83,131, which represents an increase of $23,386 over the balance at December 31, 1994. Tree and Sod Escrow Fund: The Tree and Sod Escrow Fund is used to account for escrows collected from developers or builders to guarantee installation of trees and/or sod as required in the City code. On December 31, 1995, the fund balance was $0. Equipment Revolving Fund: The Equipment Revolving Fund is used to account for resources to fmance the replacement of City equipment, vehicles, and/or buildings and facilities. The fund balance was at $2,379,827 on December 31, 1995, compared to $2,178,183 for 1994. Economic Development Authority Fund: The Economic Development Authority Fund was established to account for all revenues and expenditures associated with economic development activities within the City. On December 31, 1995, the fund balance was $287,929, compared to $261,606 at December 31, 1994. Debt Service Funds Debt Service Funds are used to account for the current year payment of matured principal and interest on long -term general obligation debt. Sources available for payment of the debt service are provided by special assessments, tax increments, general property tax levies and interest earnings on investments. In 1995, the City issued General Obligation Tax Increment Bonds totaling $2,600,000. The proceeds of this bond issue will be used to finance the installation of municipal sewer and water extensions, and streets in the City's Development District I for the completion of McKinley Street, Uranium Street, Sunwood Drive, and the extension of services for the development of the Anoka Electric Cooperative site. The combined fund balance at December 31, 1995, was $4,820,572, compared to $3,904,798 on December 31, 1994. The escrow account for the 1993A crossover refunding bond, which is reported in the individual debt service funds as cash and investments held by trustee, causes the significant resulting increase in the year end fund balance position. Capital Project Funds; Capital Project Funds are those funds established to account for the financial resources to be used for the acquisition or construction of major capital facilities, other than those financed by Enterprise or Trust Funds.