07-10-1995 Council Packet - Laserfiche WebLink

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To the City Council and Citizens of the City of Orono May 17. 1995 The parks and recreation department expenditures increased $8,259 in total due to increases in capital outlay of $10,600 and other services and charges of $9,208. These increases were offset hy reduced personal services of $9,763. and reduced supplies of $1,786. The recycling department expenditures decreased $13,256 in total due to decreased personal .serv ices of $4,449, and other services and charges of $9,674, which were offset by increased .supplies of $867. Within the miscellaneous expenditures area, the engineering fees increased $10,023; the special services for consulting and police increased $19,596, while the contingency and special project expenditures decreased $5,631. Within the debt service, the principal paid increased $400,000 due to the call of the Improvement Bonds of 1980, which included $150,000 of unscheduled principal payments in addition to the scheduled principal payments. The interest and other charges decreased $23,263 due to the reduced outstanding principal balance, but included $1,500 of call premium. Fund Balances General F i'ni) The undesignated fund balance of the General Fund increa.sed from $1,096,631 at December 31, 1993. to $1,248,592 at December 31, 1994. or 13.9%. The 1994 ending undesignated fund balance provides 38.5% coverage of the 1995 adopted budget of $3,245,015. S pecial Rfatnue F und.s Special Revenue Fund.s are u.scd to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes, including current operating expenses and capital outlay. Park F und The Park Fund was created by Ordinance of the City Council to receive contributi»>ns for .subdivisions in lieu of conveyance or dedication of land for parks, playgrounds, and other public purposes. Such contributions, termed park dedication fees, are to be used for the acquisition, development, or maintenance of public parks, playgrounds, surface water holding areas (ponding areas), and debt retirement in connection with land previously acquired for such public purposes. The fund balance as of December 31, 1994 was $304,698. iMrROVLMENT AND EOl lPMF.NT CAPITAL OlTI.AY Ft ND The Improvement and Equipment Capital Outlay Fund was established to provide a source of funds for equipment purchases and improvements. The fund was established by a transfer from the General Fund and is maintained by annual budgeted transfers from the General Fund, by investment earnings, and by u.ser charges to participating departments for certain office -10-