1995 CAFR - Laserfiche WebLink

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Enterprise Funds (continued): FINANCIAL SECTION (continued) Recycling Utility Fund: The Recycling Utility Fund is used to account for all recycling revenues and expenses for the City. The City changed its funding policy for recycling, which had previously been paid for through a special revenue fund and is currently billing benefitting properties [residential]. Escrow Fund: The following is a summary of the operations of the fund for 1995. Operating Revenues Operating Expenses Operating Income Fund Equity consisted of the following on December 31, 1995. Trust and Agency Funds: Landfill Trust Fund: Retained Earnings Total Fund Equity 122 $ 99,685 80.095 $ 19.590 122 $ 19.590 $ 19.590 Trust and Agency Funds are used to account for assets held by the City in a trustee or agent capacity for individuals, private organizations, other governments, or other funds. The City's trust funds are all classified as expendable trust funds. The trust funds and agency funds are accounted for in essentially the same manner as governmental funds. Expendable Trust Funds - Expendable trust funds are funds whose original principal and income may be expended in the course of designated operations. The Landfill Trust Fund is maintained by the City to account for certain landfill related revenues to be used for expenditures the City may incur relating to the landfill or for improvements providing a benefit to the entire City, such as park development. The fund balance on December 31, 1995, was $3,069,310, compared to $3,093,010 on December 31, 1994. This represents a decrease of $23,700. The Escrow Fund is maintained by the City to account for deposits held for specific purposes from developers, contractors, builders, residents, or the like, for platting, professional fees, performance bonds, and miscellaneous deposits. On December 31, 1995, the City held $92,705 in escrow deposits compared to $171,338 at December 31, 1994.