12-07-2020 Council Packet - Laserfiche WebLink

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Special Revenue Funds – Special Revenue Funds provide for funding of expenditures that are primarily funded by a revenue source that is not part of the general tax levy and has a restricted use. • Park Fund – The Park Fund’s major revenue source are Park Dedication Fees collected as part of a subdivision or major development process. By state law fees received must be placed in a special fund and can be used for specific purposes. Park dedication fees must be used only for the acquisition and development or improvement of parks, recreational facilities, playgrounds, trails, wetlands, or open space based on the approved park systems plan. • Drug and Felony Forfeiture Fund – The Drug and Felony Forfeiture Fund’s major sources of revenue are the sale of DWI forfeited vehicles and revenue received from drug enforcement activities. The funds are restricted for law enforcement activities related to alcohol and drug enforcement. • Senior Housing TIF Fund – The Senior Housing TIF Fund was created to provide housing opportunities for seniors within the City. Its major revenue source is the additional property taxes collected on the captured value of the property. 90% of the funds collected are forwarded to the developer to help pay for the bonds associated with the project. Debt Service Funds – Debt Service Funds are used to pay for debt service on the City’s outstanding bonds. Funding for debt service funds can include: property taxes; special assessments, debt support from other funds; or a combination of the three. • 2010 General Obligation Bonds – The 2010 bonds were issued for multiple purposes: to refund the 2003 HRA Public Facility Bonds (Navarre Fire); to fund the reconstruction of Old Crystal Bay Road; and to fund the reclamation of Orono Orchard Road. The refunding portion of the bond issue saved the City an estimated $47,125. Funding is a combination of property taxes and Municipal State Aid money from the State of Minnesota. • 2014 General Obligation Bonds – The 2014 bonds were issued for multiple purposes: to refund the 2005 HRA Public Project Revenue Bonds (Big Island); to fund water infrastructure improvements including a new well; and to fund the construction of the Public Safety Garage. Funding is a combination of property taxes; water revenues; and a transfer from the General Fund related to revenues from the Mound police service contract. • 2016 General Obligation Refunding Bonds – The 2016 bonds were issued to refund the 2008 General Obligation Street Reconstruction Bonds. The refunding of the 2008 bonds resulted in interest savings of $220,832. City of Orono - 2021 Budget Page 9