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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31,2003 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />Tax Increment Districts <br /> <br />The City is the administering authority for the following tax increment fmancing districts: <br /> <br />District Number <br /> <br />1-4 <br /> <br />Adjusted Original Tax Capacity <br />Current Tax Capacity (Payable 2003) <br /> <br />$ <br /> <br />4,007 <br />32,336 <br /> <br />Captured Tax Capacity Retained by the City <br /> <br />$ <br /> <br />28.329 <br /> <br />Type of District <br /> <br />Economic Development <br /> <br />Fund Equity Reservations and Designations <br /> <br />The components of fund equity are described in Note 1. Certain reservations and designations have been made in the <br />following funds: <br /> <br />Purpose <br /> <br />Amount <br /> <br />Reserved <br />Proprietary Fund <br />Sewer <br />Governmental Funds <br />Debt service <br /> <br />Senior housing project commitment <br /> <br />$ 71.631 <br /> <br />Debt service on bonds issued <br /> <br />$ 2.672.387 <br /> <br />Unreserved - Designated <br /> <br />Governmental Funds <br />General <br /> <br />Working capital <br /> <br />$ 1.063.023 <br /> <br />Note 4: DEFINED BENEFIT PENSION PLANS - STATEWIDE <br /> <br />A. Plan Description <br /> <br />All full-time and certain part-time employees of the City are covered by defined benefit plans administered by <br />the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public Employees <br />Retirement Fund (PERF), which is a cost-sharing, multiple-employer retirement plan. The plan is established <br />and administered in accordance with Minnesota statutes, Chapters 353 and 356. <br /> <br />PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are covered <br />by Social Security and Basic Plan members are not. All new members must participate in the Coordinated Plan. <br /> <br />PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon <br />death of eligible members. Benefits are established by Minnesota statute, and vest after three years of credited <br />service. The defmed retirement benefits are based on a member's highest average salary for any five successive <br />years of allowable service, age and years of credit at termination of service. <br /> <br />-28- <br />