Laserfiche WebLink
SCHEDULE 111 <br />Computation of Financial Requirements <br />for Next year - 1993 <br />1. Assets from Line 5, Schedule II <br />Column A <br />Column B <br />Column C <br />2. Accrued liability to end of this year (from Line B, Schedule I) <br />3. a) If Line 2 is more than Line 1 subtract Line 1 from Line 2. Deficit <br />$ 922,245 <br />b) If Line 1 is more than Line 2, subtract Line 2 from Line 1. Surplus <br />Enter 10% of surplus amount. Continue on Line 6. <br />4. Amortization of deficit (or def cits) incurred prior <br />to end of last year (see note) <br />Year <br />Incurred <br />19 91 <br />Column 1 <br />Original <br />Amount <br />Column 2 Column 3 <br />Amount Retired <br />in Prior Years <br />Amount Left <br />to Retire <br />191 <br />19 <br />19 172 <br />19 <br />Totals <br />Total f om Column 1 191 <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 6 <br />6. Increase from Line C, Schedule I <br />95/,bb4 <br />4-5,439 /33 <br />x100 /0= <br />19 <br />15,439 13� <br />7. Estimated Expenses 1993 (other than pensions, or investments) <br />8. Estimated Income 1993 <br />a) Minnesota State Aid <br />b) 5% interest on amount of Line 1 above <br />c) Other income (do not include local taxes or investment income) <br />Total, Lines a +b +c <br />9. Total, Column B <br />23,178 <br />46,112 <br />3 i 3�3 <br />68,272 7c�y�:. <br />3,500 <br />10. Total, Column C <br />11. If Line 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 />75,334 <br />69,290 <br />69,290 <br />6,044 <br />12. If Line 10 is more than Line 9, no municipal support is required. a Y 050. <br />Certify that fact to the City Council before August 1. The City Council is permitted to provide funds in <br />excess of requirement. <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 0/0. 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 49 <br />