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NOTES TO FINANCIAL STATEMENTS <br />December 31, 1995 <br />Note 14. RESERVES AND DESIGNATED FUND EQUITY <br />The following reservations of fund equity have been made at December 31, 1995: <br />General Fund - <br />Fund balance reserved for prepaid items $ 15,371 <br />Water Utility Fund - <br />Contributed capital reserved for future construction $ 1,741,449 <br />Sewer Utility Fund - <br />Contributed capital reserved for future construction $ 483,459 <br />The General Fund reservation for prepaid items is made because prepayments, which are included in other assets, <br />are not current financial resources. <br />The Water and Sewer Fund reservations are for future construction and is from assessments for elevated water <br />storage and future oversizing of water and sewer lines. <br />The following designations of unreserved fund equity have been made at December 31, 1995: <br />General Fund - <br />Compensated absences $ 163,770 <br />Working capital 1,496,612 <br />$ 1,660,382 <br />Debt Service Funds - <br />Debt service <br />CITY OF RAMSEY, MINNESOTA <br />$ 4,987,603 <br />$ 171,511 <br />Capital Project Funds - <br />1996 Street Maintenance Program <br />General Fund - <br />Compensated absences designation for $163,770 represents the estimated long -term liability for <br />compensated absences. <br />Working capital designation for $1,496,612 provides for cash flow needs based on an amount equal to <br />50% of the General Fund budgeted operating expenditures for the upcoming year less amounts reserved <br />for prepaid items. <br />Debt Service Funds - <br />Debt service designation for $4,987,603 is designated for future payment of principal and interest on <br />general obligation long -term debt. <br />Capital Project Funds - <br />Capital project designation for $171,511 is designated for approved 1996 street maintenance programs. <br />—29— <br />