06-09-1997 Council Packet - Laserfiche WebLink

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I To the City Council and Citizens of the City of Orono AprU 29, 1997 Capital Project Funds SOTA STATE-Am STREETS rONSTRUCTION FUND The Minnesota State-Aid Streets Construction Fund is used to account for state-aid construction revenue and the use of that revenue for improvements to thoroughfare roads and bridges within the City. The deficit fund balance was reduced from $265,543 at December 31, 1995 to $105,713 as of December 31, 1996. The remaining deficit fund balance will be eliminated through future reimbursements of project costs from state-aid construction revenues or transfers from other funds. Permanent Improvement Revolving Fund The Permanent Improvement Revolving Fund provides financing for construction costs prior to obtaining permanent fmancing or levying of assessments against benefmed properties for those projects funded directly. Within this fund there is also an account for major road and bridge repairs, construction, or maintenance. The fund balance as of December 31, 1996 was $539,312, which was an increase of $67,873 from 1995. 1992 Stubbs Bay Sewer Construction Fund The 1992 Stubbs Bay Sewer Construction Fund was created to account for the bond proceeds from the 1992 Improvement Bonds and the costs of construction of the 1992 Stubbs Bny area sanitary sewer project. Since this project was completed in 1996, the resulting residual equity of $136,993 was transferred to the 1992 Improvement Bonds Debt Service Fund, and the 1992 Stubbs Bay Sewer Construction Capital Project Fund was closed. Enterprise Funds Water O perating Fund The Water Operating Fund accounts for the provision of water services to the residents of the City who have water service available. All activities necessary to provide such services are accounted for in this fund, including administration, operations, maintenance, billing, and collection. The summary of operations for 1996 and 1995 is as follows: December 31 Operating revenue Operating expenses -10- ♦ I »I n • < IM *1 1 II »f •« f1 i 1996 1995 M $ 251,538 $223,638 i 250,184 243,378 $ 1,354 $(19,740)1 :