Annual Financial Report 12/31/1983

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1983 Note 5 - RETIREMENT PLANS The City participates in contributory pension plans through the Public Employees Retirement Association (P.E.R.A) under Minnesota Statutes Chapter 353 which substantially covers all employees except those qualifying as temporary or seasonal employees or employees covered by other plans. The P.E.R.A. plan is administered by the State and coordinated with the Federal Social Security Retirement Plan. State Statute requires the City to fund current service pen- sion costs as it accrues. Prior service costs are being amortized over a period of 40 years and funded by payments determined as a percentage of gross wages paid by all participating employers. The amount of unfunded prior ser- vice costs attributed to individual reporting entities is not determinable. City contributions for 1983 is shown below. Description 1983 P.E.R.A. $ 34,800 F.I.C.A. 13,900 Totals $ 48,700 Note 6 - CONTINGENCIES The City Attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City Attorney, remotely recoverable by plaintiffs. Note 7 - CONDENSED COMBINED FINANCIAL STATEMENTS The Condensed Combined Financial Statements contained in this report provide a summary overview of the financial position of all funds and account groups and of the operating results of all funds. Also, these statements serve as an introduction to the more detailed statements which follow. The reader is cautioned that these combined statements have been condensed for presentation purposes and that certain disclosures contained in the combining fund and account group financial statements may not be disclosed in the condensed com- bined financial statements. Note 8 - "MEMORANDUM ONLY" PRESENTATIONS Presented in these financial statements are certain amounts labeled "memorandum only ". The reader is cautioned that this information has certain limitations as follows: • The "Total" columns of the various combined statements present a combining of unlike purpose funds and cannot be construed to be indicative of; the overall financial position, overall results of operations nor overall changes in financial position of the City.