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SCHEDULE 111 <br />Computation of Financial Requirements for Next year -1992 <br />Column A <br />Column 8 <br />Column C <br />1 Assets from Une 5, Schedule II <br />2 Accrued liability to end of this year (from Line 8, Schedule I) <br />3 a) If Une 2 is more than Une 1 subtract Line 1 from Line 2. Deficit <br />$ 809,058 <br />b) If Une 1 is more than Une 2, subtract Line 2 from Line 1. Surplus <br />Enter 1096 of surplus amount. Continue on Line 6. <br />4 Amortization of deficit (or def tits) incurred prior <br />to end of last year (see note) <br />Year <br />Incurred <br />Column 1 <br />Original <br />Amount <br />Column 2 <br />Amount Retired <br />in Prior Years <br />Column 3 <br />Amount Left <br />to Retire <br />19 <br />19 <br />19 <br />Totals <br />Total from Column 1 <br />5 Subtract Column 3 total from Line 3(a) (If Column 3 is equal to or <br />greater than Line 3(a), no new deficit exists.) If Column 3 is less <br />than Line 3(a), difference is a new deficit. Enter <br />Enter 10% of this new deficit in Column B <br />6 Increase from Line C, Schedule I <br />7 Estimated Expenses 1992 (other than pensions, or investments) <br />8 Estimated Income 1992 <br />a) Minnesota State Aid <br />809,249 <br />191 <br />x10 %= <br />191 <br />21,840 <br />b) 5% interest on amount of Line 1 above <br />c) Other income (do not include local taxes or investment income) <br />40,453 <br />-0- <br />19 <br />64,236 <br />-0- <br />Total 8 (a +b +c) <br />9 Total, Column B <br />64,255 <br />62,293 <br />10 Total, Column C <br />62,293 <br />11 If Une 9 is more than Line 10, the difference is the amount of municipal support <br />required. Certify this amount to the City Council before August 1, <br />(bottom part of Schedule II - Special Fund requirements). <br />12 If Une 10 is more than Une 9, no municipal support is required. <br />Certify that fact to the City Council before August 1. The City Council is permitted to <br />provide funds in excess of requirement. <br />1,962 <br />Note: Deficits are generally retired in less than 10 years, because of increase in state aid, <br />turnover gain and earned interest greater than 5 %. If desired, the amount in column 2 <br />may be increased so that the total of column 3 is equal to line 3(a). If more than one <br />deficit is being amortized (the law requires each deficit to be retired separately), adjust <br />column 2 for the oldest deficit first. When column 2 equals column 1 for any deficit, that <br />deficit has been retired and may be removed from the amortization schedule. Whenever <br />a new deficit appears in line 5, the original amount of such deficit must be added to the <br />amortization schedule the following year. <br />Page 81 <br />