2016-04-27 CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2015 Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED E. Fund equity At December 31, 2015, portions of the City's fund balance are not available for appropriation due to not being in spendable form (Nonspendable), legal restrictions (Restricted), policy and/or intent (Assigned). The following is a summary of the components of fund balance: Nonspendable Prepaid items Restricted for Debt service Cable TV Assigned for Street maintenance Capital equipment Capital projects Unassigned Total Debt General Service $ 1,773 $ 20,982 $ - 1,348,787 2013 Other Street Governmental Park Project Funds Total - $ - $ - $ 22,755 - 1,348,787 26,936 26,936 306,045 306,045 65,530 65,530 - - - - 11,406 11,406 1,167,292 - (1,116,065) (471,947) - (420,720) $ 1,169,065 A1,369 769 $ 1 116 065 $ (471,947) $ 409,917 $ 1,360,739 Note 4: DEFINED BENEFIT PENSION PLANS - STATEWIDE A. Plan description The City participates in the following cost-sharing multiple -employer defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA's defined benefit pension plans are established and administered in accordance with Minnesota statutes, chapters 353 and 356. PERA's defined benefit pension plans are tax qualified plans under Section 401 (a) of the Internal Revenue Code. General Employees Retirement Fund (GERF) All full-time and certain part-time employees of the City, other than teachers, are covered by the General Employees Retirement Fund (GERF). GERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are covered by Social Security and Basic Plan members are not. The Basic Plan was closed to new members in 1967. All new members must participate in the Coordinated Plan. B. Benefits provided PERA provides retirement, disability and death benefits. Benefit provisions are established by Minnesota statute and can only be modified by the state legislature. Benefit increases are provided to benefit recipients each January. Increases are related to the funding ratio of the plan. Members in plans that are at least 90 percent funded for two consecutive years are given 2.5 percent increases. Members in plans that have not exceeded 90 percent funded, or have fallen below 80 percent, are given 1 percent increases. The benefit provisions stated in the following paragraphs of this section are current provisions and apply to active plan participants. Vested, terminated employees who are entitled to benefits but are not receiving them yet are bound by the provisions in effect at the time they last terminated their public service. -62-