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 Permanent Improvement R evo «.ving Fund The Pennanent Improvement Revolving Fund provides financing for construction costs prior to obtaining permanent financing or levying of assessments against benefitted propenies 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, 1994 was $508,806. an increase of $23,565 from 1993. The 1988 street and storm sewer improvement costs are to be funded from dedicated Minnesota State-Aid (MSA) Streets Construction Fund revenue and from General Fund revenue. Approximately $110,000 and $34,000 will be funded from future MSA and General Fund revenue, respectively. 1991 Public FACiLmE<; Construction Fund The 1991 Public Facilities Construction Fund was created to account for the bond prtKeeds of $3,550,000 from the 1991 Public Facilities Revenue Bonds and the costs of land acquisition and construction of the public facilities project consisting of a City meeting hall. City offices, police offices, and detention/proce.ssing, public works offices, storage, mainienance and repair of machinery and equipment space, and a cold storage building. This fund was closed during 1994. 1992 Stl^bbs Bay Sewtr Constriction Fi»nt > The 1992 Stubbs Bay Sewer Fund was created to account for the maji'rity 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, laterals, and lift stations necessary to provide sewer to the Stubbs Bay area. The fund balance at December 31. 1994 w as $182,083. Enterprise Funds 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 cnarges by the u.sers of the services. Except for ownership, Enterpri.se Funds bear a clo.se re.semblance to privately-owned utility or service enterprises. The City owns and operates a water utility, sewer utility, and a public golf course. -12- i ! !f i_* 1