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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br /> <br />Note 5: JOINT POWERS AGREEMENT - CENTENNIAL FIRE DISTRICT <br /> <br />The Centennial Fire District (the District) was formed under the authority of Minnesota statutes 471.59 in 1985. Its <br />purpose is to provide for joint municipal fire protection and service to the cities of Centerville, Circle Pines, and Lino <br />Lakes. The District is managed through a three tier system consisting of a fire chief, a steering committee, and the <br />Councils of the member cities. The fIre chief is an appointed position. Each member city appoints two <br />commissioners. One of these commissioners must be an elected official of the city. <br /> <br />The accounting policies of the District conform to accounting principles generally accepted in the United Sates of <br />America as applicable to governmental units. <br /> <br />Selected financial information is shown below and on the following page for the most recent year of audited <br />information, which is December 31, 2006: <br /> <br />Total assets <br />Total liabilities <br />Total equity <br />Total revenues <br />Total expenditures <br />Total other fmancing sources (uses) <br /> <br />Total assets <br />Total liabilities <br />Total net assets <br />Total program expenses <br />Total general revenues <br /> <br />Volunteer firefighters of the District are members ofthe Centennial Firefighter's Relief Association (the Association). <br />The Association is a single-employer pension plan (the Plan) that operates under the provisions of Minnesota Statutes <br />69 and 424, as amended. It is governed by a board of six officers and trustees elected by the members of the <br />Association for three-year terms. The ex-officio, non-voting members of the Board of trustees are two representatives <br />from the Centennial Fire Steering Committee and the fire chief ofthe District. <br /> <br />The Association issues a publicly available financial report that includes financial statements and required <br />supplementary information. The report may be obtained by writing to the Centennial Fire District 7741 Lake Drive, <br />Lino Lakes, MN 55014. <br /> <br />-37- <br />