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4,5. District Reserve Fund Balance <br />A District Reserve Fund has been established, and was accumulated through a con~~ponent of the <br />annual assessments through fiscal year 2000/01. The estimated District Reserve Fund Balance as of <br />June 30, 2004 is $300,000. The District Reserve Fund has met its $300,000 goal. <br />DESCRIPTION AMOUNT <br />Estimated Fund Balance as of June 30, 2004 $300,000.00 <br />Contribution from available District funds 0.00 <br />ESTIMATED FUND BALANCE JUNE 30, 2005 $300,000.00 <br />The District Reserve may be used to fund capital improvements. <br />The budgeted annual maintenance costs for the North, Bunker and East Marshes is $50,000. The <br />City has completed construction of two capital improvement projects. The first project was the Heron <br />Bay Trail slurry seal, at a cost of $30,000. The second project was the renovation of landscape in the <br />Buffer Zone areas between the trail and houses, at a cost of $80,000_ Both projects were funded from <br />the carry over funds from the assessments collected in previous years. This fiscal year, city has <br />planned 2~d phase of landscape renovation in the Storm Water Treatment Pond property on the south <br />side and area adjacent to the Buffer Zone. Property owners will not be assessed ai the maximum <br />allowable rate in fiscal year 2004/05 because of the Reserve Fund has been fully funded and <br />assessments previously collected will pay the costs of the project. <br />4-5 <br />