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7056 <br /> 6. The Senior Housing TIF Fund is a Special Revenue Fund that accounts for the Tax <br /> Increment Financing District No. 1-1 which was created to provide housing opportunities <br /> for seniors within the City. Its funding source is the property taxes on the captured value. <br /> The funds are restricted. <br /> 7. The Affordable Housing Fund is a Special Revenue Fund that provided purchase assistance <br /> to qualified home buyers. Funding was through grants from the Metropolitan Council, <br /> Hennepin, CDBG grants. The funds are restricted. <br /> 8. Capital project Funds are used to account for the financing of street projects, equipment <br /> replacement, public safety equipment, and facility rehabilitation or renovation. Revenue <br /> sources are provided mainly through transfers, special assessments, bond sales, and park <br /> dedication fees. The City's goal is to maintain fund balances in the Municipal State Aid <br /> (MSA), the Improvement Equipment Outlay, the Community Investment, and the <br /> Pavement Management Plan (PMP) funds in an amount sufficient to support the ongoing <br /> capital expenditures planned in the CIP. Revenues not legally restricted will be assigned. <br /> 9. Fund balances in Debt Service Funds for future debt payments are restricted. <br /> 10. The Enterprise Funds are used to account for the City's utility operations. This includes <br /> the following funds: Water, Sewer, Storm Water, Recycling, and Cable. The City's long <br /> term goal is to have self-sustaining funds that do not require revenue from special <br /> assessment, issuance of debts or taxes. <br /> a) For Water, Sewer and Storm Water Funds, the City's goal is to maintain 25% <br /> operating reserve and 25%capital reserve. <br /> b) The Recycling Fund's goal is to maintain 25%operating reserve. <br /> c) The Cable Fund does not have a reserve and its purpose is to fund the Council <br /> Chamber improvements and operating expenses related to recording and <br /> streaming council meetings. <br /> 11. The Internal Service Funds are used to track revenue and expense shifts between <br /> departments. These include the following funds: Insurance, Fleet Management, <br /> Compensated Absences, and Information Technology. <br /> a) The Insurance Fund was created to account for total insurance revenue and <br /> expenses between all departments.The purpose of this fund is to allow for high <br /> deductible, which results in long term savings for the City. It has been <br /> determined that a fund balance of$300,000 is adequate for this purpose and <br /> fund balance in excess of$300,000 will be transferred to a fund designated by <br /> the City Council. <br /> b) The Fleet Management Fund is used to account for total expenses related to city <br /> vehicles. Each fund pays into this fund to cover their appropriate portions of <br /> expenses. <br /> c) The Compensated Absences Fund is used to account the liability owed to <br /> employees for compensated absences such as Sick, Vacation and Comp-Time. <br /> Fund balance is equal to the liability owed to employees at each year-end. <br /> d) The IT Fund is used to account for total expenses related to software and <br /> technology. Each fund pays into this fund to cover their appropriate portions of <br /> expenses.The long-term goal of this fund is to provide funding for all technology <br /> improvements. <br /> 2-2 <br />