We have a 6th cent specific purpose tax (1% SPT local option) in Albany County. Why don’t I see it in General Fund revenue sources? How is this tax being managed?

The City is required to account for specific purpose tax collections and expenditures in a separate capital fund (the SPT Fund) because these dollars are restricted for capital purposes. These purposes are approved by voters and include planning, design, construction, and improvements to the City’s water infrastructure, wastewater infrastructure, streets, solid waste disposal facilities, and maintenance of specific well head properties. They also include the protection of vulnerable properties noted in the Casper Aquifer protection plan. Albany County voters approved $42 million in specific purpose tax projects in 2010, and the 1% tax remains in place until the non-bonded projects are fully funded and debt payments (made from tax collections) fully pay off the bonded debt. The City’s portion of these projects totals $22,550,550.  The City bonded 95% of its projects, and the assets received from the sale of these bonds are held by a trustee who distributes funds to vendors at the request of the City. (Reference Wyoming Statute: W.S. 39-15-204)

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1. What is the General Fund?
2. What are the primary General Fund revenue sources?
3. What is the 4th Cent Sales & Use Tax and how is it allocated?
4. What is the 5th Cent Sales & Use Tax (local option) and how is it allocated?
5. We have a 6th cent specific purpose tax (1% SPT local option) in Albany County. Why don’t I see it in General Fund revenue sources? How is this tax being managed?
6. How much debt can the City carry?
7. What are the current types of general fund debt and the terms associated with the debt?
8. What is an Enterprise Fund?
9. What types of enterprise fund debt are held by the City and what are the terms associated with that debt?
10. What determines how much the City can spend?
11. What is the City’s Bond Rating?
12. What is Depreciation? How does the City manage it?
13. What are Fund Balance and Net Position?
14. What do the different components of fund balance mean?
15. What is a Modified Balance Sheet?
16. What are the Days of Operation Reserves?
17. What are the Recreation Center’s primary revenue sources?
18. What is the percent of Cost Recovery for the Recreation Center?
19. What is the Enterprise Fund Shared Services Transfer?
20. How does the City plan its budget for Enterprise Funds?
21. Are the revenues in the Enterprise fund only user fees?
22. How does the Financial Outlook Report differ from the Comprehensive Annual Financial Report (CAFR)?