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Audit Report 12/31/1977
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Audit Report 12/31/1977
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12/4/2013 12:47:29 PM
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Audit Report 12/31/1977
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12/31/1977
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NOTES TO FINANCIAL STATEMENTS - Continued <br />December 31, 1977 <br />Note 5: Pension Plan <br />Substantially all City employees are covered by a statewide contributory <br />retirement plan operated by the Public Employees Retirement Association <br />(PERA). The City records pension expense as the contributions come due. <br />Contributions for 1977 were $12,900. Contribution rates are determined on <br />a statewide basis and include provisions for prior service costs. The <br />assets of the State of Minnesota PERA Fund were substantially less than <br />the actuarially computed value of vested benefits as of the most recent <br />valuation date. That part of the deficiency attributable to the City is <br />not determinable. <br />Note 6: Fund Balances <br />The unappropriated fund balance as of January 1, 1977 of the General Fund <br />has been restated to include prepayments. <br />Fund <br />The retained earnings as of January 1, 1977 of the Water and Sewer Fund <br />has been restated to record customer deposits. <br />Fund balances were affected as follows: <br />Balance Adjustment for Adjustment for Balance January 1, <br />January 1, 1977 Prepayments Customer Deposits 1977, as Adjusted <br />General $21,430 <br />Water and Sewer $13,135 <br />$6,324 <br />$(1,190) <br />$27,754 <br />$11,945 <br />Note 7: Commitments <br />The resources of the 1977 Improvement Bond Fund are committed for street <br />improvements to be completed for which estimated costs have already been <br />assessed to property owners. <br />
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