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CITY OF RAMSEY <br />' Notes to Financial Statements (continued) <br />December 31, 1998 <br />NOTE 16 -RESERVES AND DESIGNATED FUND EQUITY <br />' The following reservations of fund equity have been made at December 31, 1998: <br />General Fund <br />Fund balance reserved for prepaid items $ 3,533 <br />Enterprise Funds <br />Water Utility <br />' Contributed capital reserved <br />for future construction $ 1,995,701 <br />Sewer Utility <br />' Contributed capital reserved <br />for future construction $ 441,325 <br />The General Fund reservation for prepaid items is made because prepayments are not current financial <br />resources. <br />The Water and Sewer Utility reservations are for future construction and are from assessments for elevated <br />water storage and future oversizing of water and sewer lines. <br />The following designations of unreserved fund equity have been made at December 31, 1998: <br />' General Fund <br />Compensated absences $ 195,313 <br />Working capital 1,807,470 <br />$ 2,002,783 <br />' Debt Service Funds <br />1992B Improvement Bonds <br />Designated for debt service $ 157 <br />Ca ital Project Funds <br />P J <br />Public Improvement Revolving <br />Designated for 1999 street <br />maintenance program $ 171,511 <br />The General Fund compensated absences designation represents the estimated long-term liability for <br />compensated absences. <br />' The General Fund working capital designation provides for cash flow needs based on an amount equal to <br />50% of the General Fund budgeted operating expenditures for the upcoming year less amounts reserved for <br />prepaid items. <br />The Debt Service Funds designation represents fund balances which are presently committed to provide <br />financial resources to pay principal and interest on the City's bonded debt. <br />The Capital Project Funds designation is for approved 1999 street maintenance programs. <br />-33- <br />