1998 CAFR - Laserfiche WebLink

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Debt Service decreased by $2,450 from the previous year which is representative of the third year costs of the interfund loan between the General Fund and the Landfill Trust Fund for the construction of the Police Department facility and the second year costs of the interfund loan between the. General Fund and the Landfill Trust Fund for the construction of the Public Works facility. The costs for Capital Outlay increased by $12,861. This increase was caused in part by the updating of the City's computer hardware and software to make it year 2000 compliant. Costs in this account are offset by transfers in from the Equipment Replacement Fund for those capital items that had funding available for replacement purposes. Transfers to Other Funds. decreased significantly from the previous year. In 1994, the City implemented a policy that requires that any amounts above 60% of the next year's operating budget be transferred out to several funds. In the event of a shortage in the General Fund fund balance at year end, those same funds would be required to transfer monies back to the General Fund accordingly. To facilitate this policy, $477,259 was transferred out to the respective funds. SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally or otherwise restricted to expenditures for specific purposes. Tax Increment Fund The Tax Increment Fund is utilized to account for general property taxes received in the form of tax increments levied on properties located within the tax increment financing districts. Activity in this fund will increase in future years as increments- are generated from development. The increments are used to retire debt issued to finance improvements in the districts and to directly fund additional projects within the district boundaries. The fund balance as of December 31, 1998, was $871,143, which represents an increase of $86,360 from December 31, 1997. Landfill Tipping Fee Fund The Landfill Tipping Fee Fund was established to account for landfill tipping fees collected by the City and expenditures as authorized by Minnesota Statute § 115A.921 for mitigating and compensating for the local risks, costs and other adverse effects of the landfill facilities located within the City. The landfill closed permanently during 1993, so funding from tipping fees will no longer take place. Future expenditures from this fund will be limited to the interest earned by the fund in any given year. The fund balance as of December 31, 1998, was $597,285, compared to $571,134 on December 31, 1997. Landfill Abatement Fund The Landfill Abatement Fund was used to account for landfill abatement activities and efforts. The funding sources consisted mainly of interfund transfers and interest earnings. This Fund was closed into the Landfill Tipping Fee Fund during year ending December 31, 1998. Minnesota Department of Natural Resources Grant Fund The Minnesota Department of Natural Resources Grant Fund was established to account for all revenues and expenditures associated with the Small Business Administration (SBA) Natural Resources Development Program Community Tree Planting Grant. The fund balance as of December 31, 1998 was $1,566, compared to $7,346 on December 31, 1997. -xiv-