07-08-1996 Council Packet - Laserfiche WebLink

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To the City Council and Citizens of the City of Orono May 29, 1996 Minnf ,sota State -A id Sthefts Constri ^ction Fi?nd 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 within the City. The deficit fund balance as of December 31, 1995 was $265,543, a decrease of $307,380 from the prior year. The deficit fund balance will be eliminated through reimbursements of project costs from state-aid construction revenues or transfers from other funds. Perma -N ent Improvement Rfv ol \tsg Fl'nd The Permanent Improvement Revolving Fund provides financing for construction costs prior to obtaining permanent financing or levying of assessments against benefitied 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. 1995 was $471,439, a decrease of $37,367 from 1994. 1992 STfBB.s Bay Se\\t.r Constrlctiqn Fund The 1992 Stubbs Bay Sewer Fund was created to account for the majority of the $2,000,000 in bond proceeds from the 1992 Improvement Bonds and the costs of construction of the 1992 Stubbs Bay area sanitary sewer project consisting of sewer mains, lateral.'. and lift stations necessary to provide sewer serxice to the Stubbs Bay area. The fund balance at December 31. 1995 was $185,430. Enterprise Elts-ds Enterprise Funds are used to account for financial resources used in providing self-supporting public services in which most of the costs involved are paid in the form of charges by the users of the services. Except for ownership. Enterprise Funds bear a close resemblance to privately-owned utility or service enterprises. The City owns and operates a water utility, sewer utility, and a public golf course. -10-