1998 CAFR - Laserfiche WebLink

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t The following is a summary. of the operations of the fund for 1998: Operating revenues $ 29,093 Operating expenses 29,750 Operating loss $ 657. Fund Equity consisted of the following on December 31, 1998: Retained earnings $ 273,988 EXPENDABLE TRUST FUNDS Expendable Trust Funds are used to account for assets held by the City in the capacity of trustee or agent. The Expendable Trust Funds are accounted for in essentially the same manner as governmental funds. Landfill Trust Fund The Landfill Trust Fund is maintained by the City to account for certain landfill related revenues to be used for expenditures the City may incur relating to the landfill or for improvements providing a benefit to the entire City, such as park development. The fund balance on December 31, 1998, was $3,416,311, compared to $3,264,662 on December 31, 1997. This represents an increase of $151,649. Escrow Fund The Escrow Fund is maintained by the City to account for deposits held for specific purposes from developers, contractors, builders, residents, or the like, for platting, professional fees, performance bonds, and miscellaneous deposits. On December 31, 1998, the City held $408,910 in escrow deposits compared to $125,358 at December 31, 1997. Park Improvement Trust Fund The Park Improvement Trust Fund was established to account for all cash, park dedication fees, and miscellaneous revenues to be used for fiiture land acquisitions and park capital improvements. On December 31,1998, the fund balance was $736,858, a decrease of $135,870 from the December 31,1997 balance of $872,728. Flexible Benefit Plan Fund The Flexible Benefit Plan Fund is used to account for the City's flexible benefit plan which is classified as a "cafeteria plan" under § 125 of the lnternal Revenue Code. During 1998, $62,328 was the total pass through of employee contributions toward personal benefit program expenditures, compared with $53,286 for 1997. -xxi-