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U <br /> <br /> <br /> <br /> <br /> <br />I~ <br />LJ <br /> <br />Capital Project Funds: <br />FINANCIAL SECTION (continued) <br />Capital Project Funds are those funds established to account for the financial resources to be used for the acquisition <br />or construction of major capital facilities, other than those financed by Enterprise or Trust Funds. <br />State Aid Construction Fund: <br />The State Aid Construction Fund was established to account for state-aid allotments used by the City for <br />improvement projects to thoroughfare streets designated as municipal state aid streets within the City. <br />The fund balance on December 31, 1996, was $1,010,195 compared to a deficit of $180,678 on December <br />31, 1995. <br />Public Facilities Construction Fund: <br />The Public Facilities Construction Fund is used to account for resources to be used in acquisition of land <br />and construction of public facilities. <br />On December 31, 1996, the fund balance was $260,874 , compared to $282,890 on December 31, 1995. <br />Tax Increment Project Funds: <br />The Tax Increment Project Funds are used to account for proceeds of bond issues to be used for site <br />' improvements and for improvement projects to be financed by future tax increments and/or future bond <br />sales supported by property taxes in the form of tax increments. These funds were closed into the Special <br />Revenue Tax Increment Fund in 1996. <br />' The combined fund balance that was transferred out to close these funds on December 31, 1996 was <br />$(591,282). <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Section 22 Drainage Fund: <br />The Section 22 Drainage Fund is used to account for storm sewer drainage projects within the special <br />district established in accordance with Minnesota Statues Section 444.20. The City may levy for <br />expenditures associated with the construction and maintenance of storm sewer systems and related <br />facilities. <br />The fund balance as of December 31, 1996 was $843. <br />Improvement Revolving Fund: <br />The Improvement Revolving Fund accounts for annual improvement projects to be financed by special <br />assessments and other revenue sources. <br />On December 31, 1996, there was a fund deficit in the Improvement Revolving Fund of $3,186,337, which <br />will be recovered through future special assessments and other designated funding sources. <br />~ P <br />