06-09-1997 Council Packet - Laserfiche WebLink

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r * i 1 ! CITY OF ORONO, MINNESOTA Notes to Financial Statements (continued) December 31, 1996 NOTE 9 - INDIVIDUAL FUND DISCLOSURES (CONTINUED) C. Reservations and Designations of Fund Balances For various reasons, certain funds have a portion of their fund equity reserved or designated for specific purposes. A discussion of each such item as it appears on the Combined Balance Sheet follows: Reservation of Fund Balance ** Reserved for Debt Service - This reserve represents resources which are legally restricted to provide financial resources to pay principal and interest on a specific bond issue. Designated for Unreserved Fund Balances Designated for Emergency Contingencies - This amount in the Permanent Improvement Revolving Capital Project Fund represents fund balances which have been designated by the City Council to be segregated as an emergency source of funds. Designated for Road/Bridge/Stonnwater Projects - The amount in the Permanent Improvement Revolving Capital Project Fund represents fund balance that has been designated for specific road, bridge, and stormwater improvement projects. * Designated for Capital Outlay - These amounts represent fund balances which are committed to pay for capital outlay in the Special Revenue Fu.ids. Designated for Debt Service These amounts represent fund balances in the Debt Service Funds which are presently committed to provide financial resources to pay principal and interest on the City’s general obligation bonds. Designated for Vacation/Severance Benefits - This amouiM m the General Fund represents fund balance which has been designated for payment of the e.ttimated long-term liability for vacation and severance benefits. -46- II o > I fa li • I ' »i m •I II N N •1 ti 11 •i m It * I • I