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citizens of the City of Orono May 18, 1990 <br />« > <br />r <br />The decrease in the Parks and Recreation expenditures is due to reduced personal <br />services costs as the result of one position left unfilled and less than normal <br />grass cutting because of the continuing drought conditions in 1989. The <br />decrease in debt service principal and interest expenditures reflects the <br />scheduled payments for debt. The new bonds issued during 1989 were water and <br />sewer revenue bonds, reflected in the respective Enterprise Funds. <br />FUND BALANCES <br />General Fund <br />The undesignated fund balance of the General Fund decreased from $2,731,519 at <br />December 31, 1988, to $729,219 at December 31, 1989, or 73.3%. The decrease was <br />due to an operating transfer in December of $2,025,000 to the Building Capital <br />Outlay Fund as activity toward the construction phase of new City facilities <br />anticipated in 1990. The 1989 ending undesignated fund balance provides 25% <br />coverage of the 1990 adopted budget of $2,924,010. In December 1989, the fund <br />balance designated for emergency contingencies was transferred to the Permanent <br />Improvement Revolving Fund to be continued as an emergency source of funds. <br />Special Revenue Funds <br />Special Revenue Funds are used to account for the proceeds of specific revenue <br />sources that are legally restricted to expenditures for specific purposes, <br />including current operating expenses and capital outlay. <br />Park Fund <br />The Park Fund was created by Ordinance of the City Council to receive <br />contributions from subdivisions in lieu of conveyance or dedication of <br />land for parks, playgrounds, and other public purposes. Such contribu­ <br />tions, termed park dedication fees, are to be used for the acquisition, <br />development, or maintenance of public parks, playgrounds, surface water <br />holding areas (ponding >;^eas), and debt retirement in connection with land <br />previously acquired t- such public purposes. The fund balance as of <br />December 31, 1989, was >;-9,988. <br />Improvement and Equipment -tutlay Fund <br />The Improvement and Equipment Outlay Fund was established to provide a <br />source of funds for equipment purchases and improvements. The fund was <br />established by a transfer from the General Fund and is maintained by <br />annual budgeted transfers from the General Fund and by investment earn­ <br />ings. Expenditures are for non-Enterprise Fund purposes. The fund <br />balance as of December 31, 1989, was $262,848. <br />-6-