1997 CAFR - Laserfiche WebLink

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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, 1997, was $784,783, which represents a decrease of $1,005,956 from December 31, 1996. 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 Section 115A.921 for mitigating and compensating for the local risks, costs and other adverse effects of the landfill 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. :ie fund balance as of December 31, 1997, was $571,134, compared to $545,514 on December 31, 1996. Landfill Abatement Fund: The Landfill Abatement Fund is used to account for landfill abatement activities and efforts. The funding sources consist mainly of interfimd transfers and interest earnings. The fund balance as of December 31, 1997 was $(922), which represents no change from the prior year balance of $(922). 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 and the Oak Wilt Suppression Program. The fund balance as of December 31, 1997 was $7,346, compared to $1,536 on December 31, 1996. xii