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• 2021 General Obligation Bonds —The 2021 bonds were issued to fund the Public Works <br />building and fire building improvements. The new Public Works building houses the Public <br />Works, Parks and Facilities departments. <br />Capital Project Funds — Capital project funds are used to account for the financing of street projects, <br />equipment replacement, public safety equipment, and facility rehabilitation or renovation. Revenue <br />sources are provided mainly through transfers, special assessments, and bond sales. <br />• Municipal State Aid (MSA) Fund —The MSA Fund provides for the improvement of designated <br />state aid streets which are funded by State of Minnesota funds. <br />• Pavement Management Fund —The Pavement Management Fund is used to maintain, improve <br />and create roads and streets. <br />• Improvement & Equipment Outlay Fund —The Improvement & Equipment Outlay Fund provides <br />for the purchase of equipment and the construction or renovation of City facilities. <br />• Permanent Improvement Revolving (PIR) Fund —The PIR Fund is designed to provide temporary <br />financing of projects until permanent financing is available. <br />• Community Investment Fund — The Community Investment Fund provides funding for projects <br />of citywide importance that have no other funding source. <br />• Facilities Fund — The facilities fund was established in 2021 to provide for the development, <br />renovation and repairs of City buildings. <br />• Fire Capital Fund —The Fire Capital Fund was created in 2023 to separately track fire capital <br />from the remainder of the Improvement and Equipment Outlay Fund. <br />• Police Capital Fund — The Police Capital Fund was created in 2023 to separately track police <br />capital from the Permanent Improvement Revolving Fund. <br />Enterprise Funds — Enterprise Funds are used to account for the business type activities of the City. <br />These include the following funds: Water, Sewer, Cable TV, Stormwater, and Recycling. <br />Water —The Water Fund is used to account for the City's utility. The system consists of two <br />water towers, three wells, 18 miles of water mains, and serves 1,149 customers. <br />Sewer — The Sewer Fund is used to account for the City's sewer utility. The system consists of 47 <br />miles of sewer lines and 46 pumping stations, and serves 2,368 customers. The largest expense <br />for the fund is a charge from the Metropolitan Council Environmental Services to pay for their <br />collector lines and the treatment of the wastewater. <br />• Recycling — the city contracts with Waste Management to provide for curbside recycling service. <br />Funding is provided through a combination of a grant from Hennepin County and user fees. In <br />Page 11 of 96 166 <br />