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CITY OF ST. ANTHONY
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31. 1983
<br />Note 8. Operations of Enterprise Funds (Continued)
<br />Redistribution of
<br />Depreciation 25,003 20,926 45,929
<br />Transfer to General Fund (385,000) (385,000)
<br />Net Change in
<br />Retained Earnings ($ 51,998)($ 52,692)($ 59,302)($ 163,992)
<br />Total Assets
<br />Working Capital (Deficit)
<br />Total Equity
<br />Note 9. Retirement Plan
<br />$1,272,171 $1,241,282 $ 611,011 $3,124,464
<br />$ 670,541 $ 245,238 ($ 98,408) $ 817,371
<br />$1,091,056 $1,182,806 $ 486,072 $2,759,934
<br />The City participates in a state-wide contributory pension plan under the Public
<br />Employees' Retirement Association, Minnesota Statutes Chapter 353, which covers all
<br />employees except temporary and seasonal employees. The City's contribution for
<br />pension costs, under the state-wide plan, was approximately $103,500 for the year
<br />ended December 31, 1983. Under existing Minnesota law, the City has no future
<br />contingent obligations or commitments to the plan or its participants except to make
<br />continuing contributions as determined from time -to -time by the State Legislature.
<br />Note 10. Leases
<br />The City presently leases space for its administrative offices under a lease
<br />agreement which expires August 1986. The lease requires annual rental payments of
<br />$36,000.
<br />In addition, the City leases space for two of its liquor stores. One lease, expiring
<br />November 1985, requires annual rentals of $15,990 plus the pro rata share of common
<br />center expense. The other lease expiring in September 1984 requires monthly rental
<br />payments of $1,667.
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<br />Liquor
<br />Water
<br />Sewer
<br />Fund
<br />Fund
<br />Fund
<br />Total
<br />Sales (Less Cost of
<br />Sales of $1,622,479)
<br />$ 899,082
<br />$ 899,082
<br />Operating Income
<br />$ 180,017
<br />$ 284,362
<br />464,379
<br />Operating Expenses
<br />665,002
<br />281,652
<br />367,733
<br />1,314,387
<br />Operating Income (Loss)
<br />234,080
<br />101,635)
<br />83,371)
<br />49,074
<br />Other Income
<br />98,922
<br />23,940
<br />3,143
<br />126,005
<br />Net Income (Loss)
<br />333,002
<br />(77,695)
<br />80,228)
<br />175,079
<br />Redistribution of
<br />Depreciation 25,003 20,926 45,929
<br />Transfer to General Fund (385,000) (385,000)
<br />Net Change in
<br />Retained Earnings ($ 51,998)($ 52,692)($ 59,302)($ 163,992)
<br />Total Assets
<br />Working Capital (Deficit)
<br />Total Equity
<br />Note 9. Retirement Plan
<br />$1,272,171 $1,241,282 $ 611,011 $3,124,464
<br />$ 670,541 $ 245,238 ($ 98,408) $ 817,371
<br />$1,091,056 $1,182,806 $ 486,072 $2,759,934
<br />The City participates in a state-wide contributory pension plan under the Public
<br />Employees' Retirement Association, Minnesota Statutes Chapter 353, which covers all
<br />employees except temporary and seasonal employees. The City's contribution for
<br />pension costs, under the state-wide plan, was approximately $103,500 for the year
<br />ended December 31, 1983. Under existing Minnesota law, the City has no future
<br />contingent obligations or commitments to the plan or its participants except to make
<br />continuing contributions as determined from time -to -time by the State Legislature.
<br />Note 10. Leases
<br />The City presently leases space for its administrative offices under a lease
<br />agreement which expires August 1986. The lease requires annual rental payments of
<br />$36,000.
<br />In addition, the City leases space for two of its liquor stores. One lease, expiring
<br />November 1985, requires annual rentals of $15,990 plus the pro rata share of common
<br />center expense. The other lease expiring in September 1984 requires monthly rental
<br />payments of $1,667.
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