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NOTE 15 — RESERVES AND DESIGNATED FUND EQUITY (CONTINUED) The following designations of unreserved fund equity have been made at December 31, 2003: NOTE 16 —FUND CHANGES General Fund Compensated absences $ 351,416 Budget carryover $ 93,000 Working capital $ 2,954,072 Debt Service Funds 1992B Improvement Bonds Designated for debt service $ 115 1999A Tax Increment Bonds Designated for debt service $ 2,464 1999A (EDA) Lease Revenue Bonds Designated for debt service $ 264,858 2000A Capital Equipment Certificates Designated for debt service $ 72,780 2003 Capital Equipment Certificates Designated for debt service $ 11,264 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 2003 provides for expenditures that were expected to occur in fiscal 2003, which will now become expenditures of fiscal 2004. 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 Debt Service Funds designation represents fund balances which are presently committed to provide financial resources to pay principal and interest on the City's bonded debt. The Capital Project Funds designation is for annual street maintenance programs. The following funds were created during the fiscal year ended December 31, 2003: Debt Service Funds 2002A Capital Equipment Certificates 2003 Tax Increment Refunding Bonds 2003 Tax Increment Crossover Bonds 2003 Capital Equipment Certificates Capital Project Funds 2003 Street Maintenance 2003 Capital Equipment Certificate -31-