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NOTES TO FINANCIAL STATEMENTS - Continued <br />December 31, 1981 <br />Note 7: Long -Term Debt - Continued <br />The amount to be provided in the special assessment funds will be <br />derived from assessments to be levied against the benefitted <br />properties. <br />All bonds and certificates are backed by the full faith and credit of <br />the City. <br />Note 8: Proprietary Fund Contributed Capital <br />This balance represents the cost of property contributed to the Water <br />and Sewer Enterprise Fund by the City, less depreciation thereon <br />charged to operations. Changes occurring in this account during the <br />year were as follows: <br />Balance - beginning of year <br />Add: Assets contributed by Special Assessment Funds <br />Less: Depreciation on contributed assets <br />Balance - End of Year <br />Note 9: Pension Plans <br />$786,736 <br />24, 171 <br />(19,360) <br />$791,547 <br />Substantially all City employees are covered by a statewide contribu- <br />tory retirement plan operated by the Public Employees Retirement <br />Association (PERA). The City records pension expense as the contribu- <br />tions come due. Contributions for 1981 were $28,942. Contribution <br />rates are determined on a statewide basis and include provisions for <br />prior service costs. The assets of the State of Minnesota PERA Fund <br />were substantially less than the actuarially computed value of vested <br />benefits as of the most recent valuation date. That part of the <br />deficiency attributable to the City is not determinable. <br />Note 10: Contingencies <br />The City is the defendant in three lawsuits which have been filed <br />against it. While these claims are still pending, it does not appear <br />that any of these will result in any substantial cost to the City. <br />