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CITY OF RAMSEY <br />Notes to Financial Statements (continued) <br />December 31, 1998 <br />NOTE 5 -LONG-TERM DEBT (CONTINUED) <br />° Tax Increment Bonds -These bonds are issued for redevelopment and economic development <br />projects. The additional tax revenue resulting from increased assessed valuation of the properties <br />is the major source of revenue used to retire the related debt. <br />Liability for Compensated Absences -The liability represents vested. benefits earned by <br />Governmental Fund employees through the end of the year which will be paid or used in future <br />periods. <br />NOTE 6 -PROPRIETARY FUNDS' CONTRIBUTED CAPITAL <br />Contributed capital balances in the Proprietary Funds represent the cost of property or the amount of capital <br />contributed to the funds by other City funds. Changes in contributed capital during 1998 are as follows: <br />Balance <br />Beginning Balance End <br />of Year Additions of Year <br />Water Utility $ 8,466,742 $ 1,726,356 $ 10,193,098 <br />Sewer Utility 7,905,747 543,517 8,449,264 <br />Street Light 117,983 4,200 122,183 <br />$ 16,490,472 $ 2,274,073 $ 18,764,545 <br />NOTE 7 -INDIVIDUAL FUND DISCLOSURES <br />A. Fund Deficits <br />The following funds have a fund balance/retained earnings deficit at December 31, 1998: <br />Capital Project Funds <br />Section 22 Drainage District $ 12,527 <br />Improvement Revolving $ 19,221 <br />1998 Street Maintenance $ 48,669 <br />Senior Housing $ 14,453 <br />Mississippi Drainage District $ 31,137 <br />County Road 116 $ 7,278 <br />Rum River Drainage District $ 9,484 <br />Enterprise Funds <br />Sewer Utility $ 96,698 <br />The City intends to fund these deficits through future tax levies, special assessments levies, tax increments, <br />transfers from other funds, grants, and various other sources. <br />-24- <br />