1996 CAFR - Laserfiche WebLink

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FINANCIAL SECTION (continued) Special Revenue Funds (continued) Lawful Gambling Fund (continued): The fund balance as of December 31, 1996 was $111,083, which represents an increase of $27,952 over the balance at December 31, 1995. Tree and Sod Escrow Fund: The Tree and Sod Escrow Fund is used to account for escrows collected from developers or builders to guarantee installation of trees and/or sod as required in the City code. On December 31, 1996, the fund balance was $0. Equipment Revolving Fund: The Equipment Revolving Fund is used to account for resources to finance the replacement of City equipment, vehicles, and/or buildings and facilities. The fund balance was at $2,690,904 on December 31, 1996, compared to $2,379,827 for 1995. Economic Development Authority Fund: The Economic Development Authority Fund was established to account for all revenues and expenditures associated with economic development activities within the City. On December 31, 1996, the fund balance was $352,748, compared to $287,929 at December 31, 1995. Transportation Impact Fee Activity Fund: The Transportation Impact Fee Activity Fund was established to account for demand fees that will be used for providing future transportation enhancements. On December 31, 1996, the fund balance was $72,358. Debt Service Fun Debt Service Funds are used to account for the current year payment of matured principal and interest on long-term general obligation debt. Sources available for payment of the debt service are provided by special assessments, tax increments, general property tax levies and interest earnings on investments. In 1996, the City issued General Obligation Tax Increment Bonds totaling $330,000. The proceeds of this bond issue were used to refund the 1997 through 2007 maturities of the City's Taxable General Obligation Tax Increment Bonds, Series 1987B. The combined fund balance at December 31, 1996, was $315,815 compared to $ 4,820,572 on December 31, 1995. The significant decrease in fund balance was due to the 1993A crossover refunding bond, which proceeds were used to refund the 1997 through 2007 maturities totaling $2,150,000 of the City's $2,800,000 General Obligation Tax Increment Bonds Series 1987A. ziv