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FTN~NCIAL SECTION (.continued) Enterprise Funds (continued): Fund Equity consisted of the following on December 31, 1997, compared to the prior year: Retained Earnings Total Fund Equity 122.2 1996 $ 56.942 $ 31.113 ~ ~~~ Trust and Agency Funds are used to account for assets held by the City in a trustee or agent capacity for individuals, private organizations, other governments, or other funds. The City's trust funds are all classified as expendable trust funds. The trust funds and agency funds are accounted for in essentially the same manner as governmental funds. Expendable Trust Funds -Expendable trust funds are funds whose original principal and income may be expended in the course of designated operations. 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, 1997, was $3,264,662, compared to $3,141,651 on December 31, 1996. This represents an increase of $123,011. 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, 1997, the City held $125,358 in escrow deposits compared to $109,644 at December 31, 1996. Park Improvement Trust Fund: The Park Improvement Trust Fund was established to account for all cash and park dedication fees and miscellaneous revenues to be used for future land acquisitions and park capital improvements. On December 31, 1997, the fund balance was $872,728, an increase of $340,199 over the December 31, 1996, balance of $532,529. Self-Funding Insurance Fund: The Self-Funding Insurance Fund was established to account for insurance refunds, dividends and other miscellaneous insurance related revenues, and to provide for self-funding the deductible portion of the City's insurance premium. The fund balance on December 31, 1997, was $234,761, which represents an increase of $44,536 over 1996. xviii