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2002-05-22 WS Packet
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2002-05-22 WS Packet
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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 200 I <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS - CONTINUED <br /> <br />G. Fund Equity Reservations and Designations <br /> <br />The components of fund equity are described in Note I. Certain reservations and designations have been made <br />in the following funds: <br /> <br />Reserved <br /> <br />Puroose <br /> <br />Amount <br /> <br />Enterprise Fund <br />Sewer <br />Governmental Funds <br />General Fund <br />Debt Service Funds <br /> <br />Senior housing project commitment <br /> <br />$ 71631 <br />$ 273 <br />1.410.643 <br />$ ] 4109]6 <br /> <br />Prepaid items <br />Debt service on bonds issued <br /> <br />Total <br /> <br />Unreserved. Designated <br /> <br />Governmental Funds <br />General <br /> <br />Working capital <br /> <br />$ 648 620 <br /> <br />H. Contributed Capital <br /> <br />The changes in the City's contributed capital accounts for its proprietary funds were as follows: <br /> <br />Sources <br /> <br /> Enterorise Funds <br /> Water Sewer Total <br />$ 627,972 $ 790,037 $ 1,418,009 <br /> 233,063 315,861 548,924 <br /> (\9.045 ) (20.377 ) (39.422 ) <br />$ 841 990 $ 108552] $ 1927511 <br /> <br />Beginning balance, contributed capita] <br />Sources: Fixed assets contributed by other funds <br />Less: Depreciation on contributed assets <br /> <br />Ending balance, contributed capital <br /> <br />Note 4: DEFINED BENEF1T PENSION PLANS - STATEWIDE <br /> <br />A. PIau Description <br /> <br />All full-time and certain part-time employees of the City are covered by defined benefit plans administered by the <br />Public Emp]oyees Retirement Association of Minnesota (PERA). PERA administers the Public Employees <br />Retirement Fund (PERF), which is a cost-sharing, multiple-emp]oyer retirement plan. The plan is established and <br />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 Socia] 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 death <br />of eligible members. Benefits are established by State Statute, and vest after three years of credited service. The <br />defined retirement benefits are based on a member's highest average salary for any five successive years of <br />allowable service, age and years of credit at termination of service. <br /> <br />Two methods are used to compute benefits for PERF's Coordinated and Basic Plan members. The retiring <br />member receives the higher of a step-rate benefit accrual formula (Method 1) or a level accrual formula (Method <br />2). Under Method I, the annuity accrual rate for a Basic Plan member is 2.2 percent of average salary for each of <br />the first 10 years of service and 2.7 percent for each remaining year. The annuity accrual rate for a Coordinated <br />Plan member is 1.2 percent of average salary for each of the first 10 years and 1.7 percent for each remaining <br />year. Under Method 2, the annuity accrual rate is 2.7 percent of average salary for Basic Plan members and 1.7 <br />percent for Coordinated Plan members for each year of service. <br /> <br />-19- <br />
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