|
CITY OF ST. ANTHONY
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 1984
<br />Note 8. Operations of Enterprise Funds (Continued)
<br />Note 9. Retirement Plan
<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 $113,300 for the year
<br />ended December 31, 1984. 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 1985 requires monthly rental
<br />payments of $1,667.
<br />-16-
<br />Liquor
<br />Water
<br />Sewer
<br />Fund
<br />Fund
<br />Fund
<br />Total
<br />Sales (Less Cost of
<br />Sales of $2,532,759)
<br />$ 900,192
<br />$ 900,192
<br />Operating Income
<br />$ 188,817
<br />$356,670
<br />545,487
<br />Operating Expenses
<br />740,328
<br />320,616
<br />391,979
<br />1,452,923
<br />Operating Income (Loss)
<br />159,864
<br />(131,799)
<br />(35,309)
<br />(7,244)
<br />Other Income
<br />177,843
<br />23,393
<br />2,212
<br />203,448
<br />Net Income (Loss)
<br />337,707
<br />(108,406)
<br />(33,097)
<br />196,204
<br />Redistribution of
<br />Depreciation
<br />25,002
<br />20,925
<br />45,927
<br />Transfer to General Fund
<br />(340,000)
<br />(340,000)
<br />Net Change in
<br />Retained Earnings
<br />($ 2,293)($ 83,404)($
<br />12,172)($ 97,869)
<br />Total Assets
<br />$1,261,345
<br />$1,134,759
<br />$565,484
<br />$2,961,588
<br />Working Capital (Deficit)
<br />$ 710,705
<br />$ 191,865
<br />($104,072)
<br />$ 798,498
<br />Total Equity
<br />$1,088,763
<br />$1,074,400
<br />$452,975
<br />$2,616,138
<br />Note 9. Retirement Plan
<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 $113,300 for the year
<br />ended December 31, 1984. 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 1985 requires monthly rental
<br />payments of $1,667.
<br />-16-
<br />
|