2022-06-08 CC Packet - Laserfiche WebLink

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City of Centerville, Minnesota Notes to the Financial Statements December 31, 2021 Note 3: Detailed Notes on All Funds (Continued) E.Fund Equity At December 31, 2021 form (Nonspendable), legal restrictions (Restricted), policy and/or intent (Assigned). The following is a summary of the components of fund balance: City Other Debt Street Governmental GeneralServiceParkProjectsFundsTotal Nonspendable Prepaid items$ 1,925$ 16,451$ -$ -$ -$ 18,376 Restricted for Debt service - 510,044 - - - 510,044 Cable TV - - - - 32,802 32,802 Public safety 43,126 - - - - 43,126 Total Restricted 43,126 510,044 - - 32,802 585,972 Assigned for Street projects - - - 526,226 - 526,226 Capital equipment - - - - 338,932 338,932 Total Assigned - - - 526,226 338,932 865,158 Unassigned 1,974,074 - (823,419) - - 1,150,655 Total$ 2,019,125$ 526,495$ (823,419)$ 526,226$ 371,734$ 2,620,161 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). administered in accordance with Minnesota statutes, chapters 353 and 356. qualified plans under Section 401(a) of the Internal Revenue Code. General Employees Retirement Plan All full-time and certain part-time employees of the City, other than teachers, are covered by the General Employees Plan. GERP members belong to the Coordinated Plan. Coordinated Plan members are covered by Social Security. B. Benefits Provided PERA provides retirement, disability and death benefits. Benefit provisions are established by state statute and can only be modified by the state legislature. 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. 60