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CITY OF RAMSEY Notes to Financial Statements (continued) December 31, 2002 NOTE 15 — RESERVES AND DESIGNATED FUND EQUITY (CONTINUED) The following designations of unreserved fund equity have been made at December 31, 2002: General Fund Compensated absences $ 307,748 Budget carryover $ 590,199 Working capital $ 2,684,130 Special Revenue Funds Equipment Revolving Designated for fire truck purchase $ 630,000 Debt Service Funds 1992B Improvement Bonds Designated for debt service $ 104 1999A Tax Increment Bonds Designated for debt service $ 2,955 1999A (EDA) Lease Revenue Bonds Designated for debt service $ 274,567 2000A Capital Equipment Certificates Designated for debt service $ 73,499 2000B Tax Increment Bonds Designated for debt service $ 6,524 2001 A Taxable Tax Increment Bonds Designated for debt service $ 48,773 2001B Tax Increment Bonds Designated for debt service $ 365 Capital Project Funds Public Improvement Revolving Designated for street maintenance program $ 171,511 The General Fund compensated absences designation represents the estimated long -term liability for compensated absences. The General Fund designation for items budgeted for 2002 provides for expenditures that were expected to occur in fiscal 2002, which will now become expenditures of fiscal 2003. The General Fund working capital designation provides for cash flow needs based on an amount equal to 50% of the General Fund budgeted operating expenditures for the upcoming year less amounts reserved for prepaid items. The Special Revenue Fund fire truck purchase designation represents fund balance, which is presently committed to provide financial resources to pay for an upcoming fire truck acquisition. -34-