07-27-1998 Council Packet - Laserfiche WebLink

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To the City Council and Citizens of the City of Orono May !5, 1998 • « Building C apital Outlay Fund The 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 partially pay the debt ser^ -e of the 1991 Public Facilities Revenue Bonds and sets the amount to be transferred out annually through the budget. The fund balance as of December 31, 1997 was $2,486,116. Drug and Felony Forfeiture Fund The Drug and Felony Forfeiture Fund was established to account for proceeds received as a result of cash and property seized relating to drug and felony type criminal activity, donations received specifically for the police department, other revenues as may be appropriate or authorized by the City Council, and all authorized related expenditures. The fund balance as of December 31, 1997 was $ 10,975. Debt 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. balance for all Debt Service Funds as of December 31.1997 was $ 1,867,604, an increase ?oQ7 T increase to fund balance was primarily a result of the creation of the 1997 Improvement Bonds Fund, with prepaid special assessments and bond proceeds, which resulted in a fund balance at December 31, 1997 of $261,564. • i • C apital Project Funds Capital Project Funds are used to account for financial resources to be used for the acquisition construction of major capital facilities. Minnesota Statf -aid Streets C onstruction Fund 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 and bridges within the City. The deficit fund balance was reduced from $105,713 at December 31, 1996 to $8 962 as of December 31, 1997. The remaining deficit fund balance will be eliminated through future reimbursements of project costs from state-aid construction revenues or transfers from other funds. t « -9-