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Landfill Tipping Fee Fund <br />This fund was established to account for landfill tipping fees received by the City. <br />The tipping fee is restricted for use in mitigating and compensating for local <br />risks, cost, and adverse effects associated with the landfill located within the City <br />that is owned and operated by Waste Management of Minnesota, Inc. <br />The Landfill Tipping Fee Fund balance as of December 31, 1988 is $411,716 <br />which is an increase of $33,568 from 1987. <br />Economic Development Revolving Fund <br />This fund was established to account for loans provided for the purpose of <br />economic development. Initial funding was provided by Community Development <br />Block Grant (CDBG) funds received from Anoka County. Loan repayments <br />received by the City are to be used to encourage future economic development <br />within the City. <br />The Economic Development Revolving Fund balance is $4,727 as of December <br />31, 1988 which represents an increase of $4,032 from 1987. <br />Landfill Abatement Fund <br />This fund was established during 1988 to account for specifically funded landfill <br />abatement efforts. Revenue sources include interfund transfers, County grants, <br />and donations. <br />The Landfill Abatement Fund balance as of December 31, 1988 is $28,227. <br />DEBT SERVICE FUNDS. Current year payment of matured principal and interest on <br />long -term general obligation debt is accounted for in Debt Service Funds. Sources available for <br />payment of the debt service are provided by special assessments, tax increment, and general <br />obligation taxes. Currently, only $25,000 of equipment certificates accounted for in the 1984 <br />Equipment Certificate Fund are solely supported by general obligation, ad valorem property <br />taxes. <br />The combined fund balance for all Debt Service Funds is $3,111,657 which represents a <br />decrease from 1987 of $63,818. <br />CAPITAL PROJECTS FUNDS. Financial resources to be used for the acquisition or <br />construction of major capital facilities are accounted for in Capital Project Funds. <br />The combined fund balance for all Capital Project Funds is $(80,013), or a deficit balance as of <br />December 31, 1988. This is due to capital projects that have incurred expenditures but have <br />not yet obtained financing. Dedicated revenue sources or long term definitive financing will <br />eliminate the deficits in the near future. <br />x <br />