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PAGE 13 <br />3. As determined in the following section, at least 35% of the cost of Improvements must be funded from <br />sources other than the assessments to cover any general benefits from the Improvements. Therefore, <br />out of the total cost of Improvements of $11,835,635, the District must contribute at least $4,142,472 <br />from sources other than the assessments. The District will contribute much more than this amount, <br />which more than covers any general benefits from the Improvements. <br />4. This amount is the projected ending fund balance as of June 30, 2021. The Fund Balance shown <br />includes operating reserves and the Capital Improvement Reserve Fund. <br />5. The Act requires that proceeds from the assessments must be deposited into a special fund that has <br />been set up for the revenues and expenditures of the Improvement District. Moreover, funds raised by <br />the assessment shall be used only for the purposes stated within this Report. Any balance remaining at <br />the end of the fiscal year, July 1, must be carried over to the next fiscal year. The Park District may also <br />establish a reserve fund for contingencies and special projects as well as a capital improvement fund for <br />accumulating funds for larger capital improvement projects or capital renovation needs. Any remaining <br />balance would either be placed in the reserve fund, the capital improvement fund, or would be used to <br />reduce future years' assessments. <br />CONDO RECREATION & PARK DISTRICT <br />PARK MAINTENANCE & RECREATION IMPROVEMENT DISTRICTIConslliting�'�roup <br />ENGINEER'S REPORT, FY 2020-21 <br />