07-10-1995 Council Packet - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I To the City Council and Citizens of the City of Orono May 17, 1995 equipment. Expenditures are for non-Enterprise Fund purposes. The fund balance as of Dumber 31, 1994 was $344,612. Hinij>iNn C apital Outlay Fund Tl» Building Capital Outlay Fund was established to receive annual budgeted transfers from the General Fund for the purpose of reducing the need for future bonding of non-Enterprise building facilities. The 1991 Public Facilities Capital Project Fund received several advances from the Building Capital Outlay Fund. As an offset to these transfers, proceeds from land sold to reduce the project costs were deposited in the Building Capital Outlay Fund. The City Council has determined that investment earnings of the Building Capital Outlay Fund will be used to panially pay the debt service of the 1991 Public Facilities Revenue Bonds. The Building Capital Outlay Fund balance at December 31, 1994 was $2,476,441. D ebt Service Funds Debt Service Funds are used to account for the current year payment of matured principal and interest on long-term general bonded debt. Sources available for payment of the debt .service are primarily provided by special assessments and property taxes. On March 1. 1994, the City called in the remaining out.standing bonds totaling $150,000. due in 1995 and 1996, for redemption at 101% of par. plus accrued interest. These bonds were part of the $1,100,000 General Obligation Improvement Bonds dated December 1, 1980. The combined fund balance for all Debt Service Funds as of December 31, 1994 was $1,354,259. a dec. ease of 16.4% from 1993. C apital Project Fund .s Capital Project Funds are used to account for financial resources to he used for the acquisition or construction of major capital facilities Minnksota Statk-Aii) SiKi kts C onstkcchon Find 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 fund balance as of December 31, 1994 was $41,837. an increa.se of $42,674 from the prior year. -II-