Audit Report 12/31/1976 - Laserfiche WebLink

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NOTES TO FINANCIAL STATEMENTS - Continued December 31, 1976 Note 5: Municipal Water Fund Contributed Equity This balance represents the cost of property contributed to the Water and Sewer Fund by the City, less depreciation thereon. Changes occurring in this account during the year were as follows: Balance - beginning of year $418,826 Less: Current depreciation on contributed assets Balance - end of year 11,480 $407,346 Note 6: Pension Plan Substantially all City employees are covered by a statewide contributory re- tirement plan operated by the Public Employees Retirement Association (PERA). The City records pension expense as the contributions come due. Contributions for 1976 were $12,024. Contribution rates are determined on a statewide basis and include provisions for prior service costs. The assets of the PERA fund were substantially less than the actuarially computed value of vested benefits as of the most recent valuation date. That part of the deficiency attributable to the City is not determinable. Note 7: Fund Balances The City has changed the method of presenting its balance sheets to include delinquent taxes receivable, delinquent special assessments receivable, deferred special assessments, and bonds payable. The fund balances were affected at January 1, 1976 as follows: Fund Fund Balance January 1, 1976 General Fire Protection Police Park Road and Bridge Debt Service Special Assessment Adjustments - Plus (Minus Delinquent Delinquent Special Taxes Assessments $ 12,742 $1,518 $ 1,978 $(11,815) . $ 11,924 $ (4,698) $ 14,182 $ 21,527 $2,277 $6,834 $1,518 $3,037 $2,232 Deferred Special Bonds Assessments Payable Fund Balance January 1, 1976 As Adjusted $14,260 $ 4,255 $(4,981) $13,442 $(1,661) $16,414 $91,040 $143,163 $(180,000) $75,730 -26-