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City of Elk River
<br />March 15, 2001
<br />Page Seven
<br />Special Revenue Funds
<br />Special revenue funds are used to account for revenues derived from specific taxes or other earmarked revenue sources.
<br />They are usually required by statute or local ordinance to finance particular functions or activities of government. All have
<br />positive fund balances and many serve as permanent reserves for a broad group of City needs.
<br />The various special revenue funds are described on the divider page in that section of the report. A recap of the individual
<br />funds with year end fund balances are as follows:
<br />Fund
<br />Library Maintenance
<br />Ice Arena
<br />Senior Citizen Special Account
<br />Park Dedication
<br />Landfill
<br />Landfill Construction Debris
<br />Revolving Loan
<br />DTED Grant/Loan
<br />Development Fund
<br />Capital Outlay Reserve
<br />Emergency/Insurance Reserve
<br />Government Buildings Reserve
<br />Street Improvement
<br />Drug Forfeiture Reserve
<br />Severance Pay Reserve
<br />NSP/RDF Reserve
<br />Economic Development Authority
<br />Total
<br />Debt Service Funds
<br />Fund
<br />Balance
<br />Increase
<br />2000
<br />1999
<br />(Decrease)
<br />$ 247,373
<br />$ 171,920
<br />$ 75,453
<br />11,745
<br />12,208
<br />(463 )
<br />746,916
<br />679,410
<br />67,506
<br />1,260,894
<br />956,252
<br />304,642
<br />345,914
<br />203,928
<br />141,986
<br />449,095
<br />369,628
<br />79,467
<br />80,454
<br />43,811
<br />36,643
<br />750,042
<br />699,043
<br />50,999
<br />360,381
<br />312,903
<br />47,478
<br />542,174
<br />502,753
<br />39,421
<br />1,787,178
<br />1,130,454
<br />656,724
<br />1,059,378
<br />782,372
<br />277,006
<br />35,451
<br />46,662
<br />(11,211)
<br />165,089
<br />154,983
<br />10,106
<br />401,245
<br />208,378
<br />192,867
<br />123,639 157,492 (33,853)
<br />8,366.968 $ 6.432,197 1.934,771
<br />Debt service funds are used to account for the payment of principal and interest on bonds and loans. Governmental
<br />accounting does not report the outstanding debt as a liability of the fund except for debt paid from enterprise funds. The
<br />following is a summary of the assets accumulated in each debt service fund and the related long-term debt at year end.
<br />Debt Service Fund
<br />Orono Dam Safety Loan
<br />1989 Fire Equipment Bond
<br />Government Building Bonds
<br />Improvement Bonds
<br />Equipment Certificates
<br />Tax Increment Financing Bonds
<br />PIR Bonds
<br />1994 Storm Sewer Bonds
<br />Ice Arena Bonds
<br />Total
<br />Cash and
<br />Total
<br />Long-term
<br />Investments
<br />Assets
<br />Debt
<br />$ 25,583
<br />$ 29,042
<br />$ 47,087
<br />109,998
<br />115,124
<br />65,000
<br />613,207
<br />616,321
<br />2,295,000
<br />4,468,726
<br />11,963,072
<br />12,900,000
<br />210,760
<br />221,746
<br />547,450
<br />200,413
<br />202,071
<br />1,636,500
<br />223,623
<br />225,473
<br />740,000
<br />18,213
<br />24,909
<br />760,000
<br />1,805,000
<br />$13,397,758 20.796.037
<br />The Tax Increment Bonds will be financed through tax increments collected in future years. The Equipment Certificates are
<br />to be financed through future tax levies. Other bonds outstanding will be financed through special assessments or a
<br />combination of assessments, taxes and charges for services.
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