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NOTES TO FINANCIAL STATEMENTS Continued <br />December 31, 1978 <br />Note 1: Continued <br />d. Budgetary data - The City Council and separate boards and commissions <br />adopt an annual budget. During the budget year, supplemental appropria- <br />tions are authorized by these same authorities. The amounts shown in <br />the financial statements as "Budget" represent the original budgeted <br />amount. <br />Note 2: 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 1978 were $15,764. Contribution rates are determined <br />on 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 3: Long -Term Debt <br />General Obligation Bonds - The General Obligations Municipal Building <br />Bonds are recorded in the General Long -Term Debt Group of Accounts . <br />and are backed by the full faith and credit of the City. <br />Special Assessment Bonds - These bonds are recorded as a liability in <br />the Special Assessment Bond Debt Service Funds. The bonds are payable <br />primarily from special assessments to be levied and collected for local <br />improvements, and are backed by the full faith and credit of the City. <br />Contracts Payable - Contracts included on long -term debt are those <br />contract obligations of the City extending over two or more years. <br />