Laserfiche WebLink
. � 6105 <br /> 3. T'he Park Fund is a Special Revenue Fund that provides for parkland acauisition and <br /> improvements Its major funding source is Park Dedication Fees which are restricted for <br /> this use. <br /> 4. The Dru /F� elonv Forfeiture Fund is a Special Revenue Fund that provides for exuenditures <br /> related to drug and alcohol enforcement activities. Its major revenue sources are the sale of <br /> forfeited vehicles and drug enforcement activities. The funds are restricted for law <br /> enforcement use related to dru�and alcohol enforcement. <br /> 5. The Lurton Park Fund is a Special Revenue Fund that provides for the development and <br /> maintenance of Lurton Park These funds are restricted bv a stipulation of the propertv's <br /> owner when the land was donated to the Citv. <br /> 6. The Senior Housin¢ TIF Fund is a Special Revenue Fund that accounts for the Tax <br /> Increment Financing District No 1-1 which was created to provide housin� opportunities <br /> within for seniors within the City Its fundin� source is the property taxes on the captured <br /> value. The funds are restricted. <br /> 7. The Affordable Housin� Fund is a Special Revenue Fund that provided purchase assistance <br /> to qualified home buyers Funding was through g,rants from the Metropolitan Council, <br /> Hennepin CDBG �rants. The funds are restricted. <br /> 8. Capital project Funds are used to account for the financin��of street proiects, eQuipment <br /> replacement public safety equipment and facility rehabilitation or renovation. Revenue <br /> sources are provided mainly throu�h transfers special assessments bond sales, and park <br /> dedication fees The Citv's �oal is to maintain fund balances in the Municipal State Aid <br /> �MSA� the Improvement Eguipment Outlay the Community Investment, and the <br /> Pavement Mana�ement Plan (PMP) funds in an amount sufficient to support the on�oin� <br /> capital expenditures planned in the CIP Revenues not le a�lly restricted will be assi�ned. <br /> 3 9. Fund balances in Debt Service Funds for future debt payments •���" '�� a���R~��t� are <br /> restricted. <br /> III. PROCEDURES <br /> 1. City shall maintain necessary funds in accordance with City policy and Minnesota statutes. <br /> 2. Annual financial statements shall be prepared in accordance with generally accepted <br /> accounting principles establishing the fund balance at the end of each year. As part of this <br /> process the Finance Director is authorized to make the appropriate�e�stg�ie�s <br /> assignments of fund balance. <br /> 3. As part of the annual budget process the Finance Director shall prepare a current analysis <br /> of the City's fund balance. The analysis shall include the prior year ending fund balance as <br /> 2 <br />