1988 CAFR - Laserfiche WebLink

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Escrow Fund Deposits held for the purpose of platting, professional fees, performance bonds, and miscellaneous deposits are accounted for in this fund. As deposits are an asset and a liability, the fund balance is zero. Park Improvement Trust Fund Park dedication fees are accounted for in this fund, as are certain expenditures for land acquisition and park improvements. The Park Improvement Trust Fund balance as of December 31, 1988 is $18,722 which is a decrease of $44,183 from 1987. During 1988 this fund contributed to the capital outlay for tennis court lighting at Titterud Park, tennis courts and other improvements at River's Bend Park, and the Park Center Building and Warming House at Central Park. Administrative Trust Fund A surcharge levied against each special assessment for the purpose of financing administrative costs incurred are accounted for in this fund. The Administrative Trust Fund balance as of December 31, 1988 is $26,751 which is a decrease of $140,186 from 1987. During 1988 this fund contributed to the purchase of a new computer system for financial, communication, and information needs. In addition, additional or replacement office equipment was purchased. Equipment Revolving Fund This fund is maintained by the City for the purpose of financing replacement of City equipment. The Equipment Revolving Fund balance as of December 31, 1988 is $251,998 which represents an increase in the fund balance of $30,520 from 1987. Agency Funds The Minnesota, Kemper, and United Resources Agency Funds are maintained by the City to account for employee deferred compensation plans created in accordance with Internal Revenue Code 457. GENERAL FIXED ASSETS. The general fixed assets of the City are those fixed assets used in the performance of general government functions. The City has chosen not to report infrastructure fixed assets such as streets, storm sewers, and similar assets that are immovable and of value only to the City. As of December 31, 1988 the general fixed assets of the City amounted to $2,856,063. This amount represents the original cost of the assets and is considerably Tess than their present value. Depreciation is recognized in the City's accounting system for only the Water and Sewer Fund fixed assets and not the general fixed assets. xii