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NOTE 14 — DEPOSITS PAYABLE Platting and performance deposits are accounted for in the City's Escrow Expendable Trust Fund. A summary of the 2003 changes in deposits is as follows: Total deposits payable January 1, 2003 $ 408,431 Add deposits received 840,243 Less payments from deposit account (547,315) Total deposits payable December 31, 2003 $ 701,359 NOTE 15 — RESERVES AND DESIGNATED FUND EQUITY The following reservations of fund equity have been made at December 31, 2003: General Fund Fund balance reserved for prepaid items Debt Service Fund Fund balance reserved for bond refunding Expendable Trust Funds Landfill Trust Fund balance reserved for advances to other funds Enterprise Funds Water Utility Contributed capital reserved for future construction Sewer Utility Contributed capital reserved for future construction -30- $ 70,231 $ 1,252,855 $ 547,107 $ 2,614,691 $ 645,308 The General Fund reservation for prepaid items is made because prepayments are not current financial resources. The Debt Service Fund reservation for bond refunding is made because this amount represents the amounts equal to cash and investments held by trustee and restricted for future debt service costs as established by refunding debt issuance. The Landfill Trust Fund reservation for advances to other funds is made because advances are not current financial resources. The Water and Sewer Utility reservations are for future construction and are from assessments for elevated water storage and future oversizing of water and sewer lines.