1977 CAFR - Laserfiche WebLink

Home Browse Search

32 CITY OF ST. ANTHONY, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1977 Note 3 - General Fund Operations The General Fund statements of cash receipts and disbursements do not give effect to accrued items of income and expense. Accordingly, these statements do not present the results of operations in conformance with generally accepted accounting principles. Note 4 - Metropolitan Waste Control Commission Under the terms of an agreement with the Metropolitan Waste Control Commission, the City will be repaid the reserve capacity charges advanced to the Commission in annual installments including interest through 1988. These advances were charged against net income of prior years and the repayment will be reflected as income when received. The receivable from the Metropolitan Waste Control Commission represents the City's share of equity in the City's and Minneapolis Sewer system which was acquired by the Commission January 1, 1971. This receivable will be paid to the City by issuing credits, annually through 1999, against future sewer billings from the Commission. Note 5 - Bonded Debt The City has three types of bonded debt outstanding at December 31, 1977. There are general obligation bonds, special assessment improvement bonds and water revenue bonds. The first type of bonds are payable solely from general property taxes. The second and third types are payable primarily from special assessments and utility revenue with any deficiency to be provided for by general property taxes. See the supplemental information for schedules of bond and interest maturities. Note 6 - Revenue Bonds The revenues of the Water Operating Fund are pledged for payment of the Water Revenue Bonds of 1961 and 1963. The bond indentures have placed certain restrictions on Water Operating Fund operations. The City has complied with the provisions of the bond covenants. Note 7 - Retirement Plan The City participates in a state-wide contributory pension plan under the Public Employees' Retirement Association, Minnesota Statutes Chapter 353, which covers all employees except temporary and seasonal employees. The City's contribution for pension costs, under the state-wide plan, was $85,692 for the year ended December 31, 1977. Under existing Minnesota law, the City has no future contingent obligations or commitments to the plan or its participants except to make continuing contributions as determined from time to time by the State Legislature.