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AGENCY FUNDS <br />Agency Funds are used to account for assets held by the City as an agent for individuals, private <br />organizations and/or other governmental units. The City of Elk River had the following Agency Funds <br />during the year: <br />Developer Fee Escrow - This fund is used to account for the collection and distribution of funds relating to <br />private development projects. <br />FSA Plans - This fund is used to account for the collection of contributions from employees and <br />distributions related to the City’s self-administered medical and dependent care FSA plans. <br />97