06-25-1990 Council Packet - Laserfiche WebLink

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Citizens of the City of Orono May 18, 1990 Building Capital 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 fund balance as of December 31, 1989, was $2,222,977 after an operating transfer from the General Fund of $2,025,000 in December 1989. Debt Service Funds Debt Service Funds are used to account for the current year payment of matured principal and interest on long-term general obligation debt. Sources available for payment of the debt service are provided by special assessments and general obligation property caxes. The combined fund balance for all Debt Service Funds as of December 31 , 1989, was $1,385,655, which represents a decrease of $113,860 from 1988. Capital Project Funds Capital Project Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. Municipal State-Aid Construction Fund The Municipal State-Aid 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, 1989, was $3,519. Permanent Improvement Revolving Fund The Permanent Improvement Revolving Fund provides financing for construc tion costs prior to obtaining permanent financing or levying of assessments against benefltted properties for those projects funded directly. Within this fund there is also an account for major road and bridge repairs, construction, or maintenance. The undesignated fund balance as of December 31, 1989, was $70,524, an increase of $151,881 from 1988. The 1988 street lighting improvement cost of $112,257 was specially assessed against benefltted properties in 1989, while the 1988 street and storm sewer improvement costs are to be funded from dedicated Municipal State-Aid Fund 1939 revenue of $200,000 and from General Fund revenue of approximately $210,000 to be paid over ten years. In 1989, $190,000 was transferred from the Municipal State-Aid Fund and $374,161 (Including $344,161 for emergency contingencies) was transferred from the General Fund. -7-