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The Parks Fund is used to account for all costs in <br />maintaining City parks and playground equipment, park land <br />acquisition and capital improvements in parks. This fund <br />levies a property tax and receives other miscellaneous <br />revenues and transfers to support expenditures. <br />Debt Service Funds are used to account for the accumulation of <br />resources for, and the payment of, general long-term debt <br />principal and interest. <br />Capital Projects Funds are used to account for financial <br />resources to be used for the acquisition or construction of major <br />capital facilities. <br />The State Aid Construction Fund is used to account for state - <br />aid construction revenue, and the disposition of that <br />revenue by improvement projects to thoroughfare streets <br />within the City. <br />The Annual Improvement Funds are used to account for the <br />proceeds of bond issues, and the disposition of those <br />proceeds for improvements to residential streets, drainage <br />systeins, or the construction of public utilities within the <br />City. These funds are opened and closed on an as needed <br />basis. The annual improvement funds are held open for <br />approximately two years, until the projects have been <br />completed. Any fund balance remaining in the Improvement <br />Funds is transferred to the Debt Service Fund to be used for <br />the retirement of debt. <br />Trust Funds are used to account for assets held by the City in a <br />trustee capacity for individuals, private organizations, other <br />governments, and/or other funds. The City's Trust Funds are <br />classified as Expendable Trust Funds and are accounted for in <br />essentially the same manner as governmental funds. <br />The Landfill Trust Fund is used to account for Landfill <br />related revenues, and all expenditures the City may incur in <br />connection with the landfill. <br />The Park Improvement Trust Fund is used to account for all <br />park dedication fees and miscellaneous revenue (interest) to <br />provide for land acquisition and park development. <br />The Administrative Trust Fund is used to account for a <br />surcharge levied against each special assessment to finance <br />the administrative costs that are generated in the General <br />Fund in maintaining the special assesments. <br />The Equipment Revolving Fund is used to finance replacement <br />of City equipment. It is intended to smooth the property <br />tax levy required for the replacement of needed and/or <br />costly equipment. <br />-6- <br />