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2004-03-10 CC Meeting
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2004-03-10 CC Meeting
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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2002 <br /> <br />Note 3: DETAILED NOTES ON ALL F1JNDS AND ACCOUNT GROUPS - CONTINUED <br /> <br />G. Fund Equity Reservations and Designations <br /> <br />The components of fund equity are described in Note 1. Certain reservations and designations have been made <br />in the following funds: <br /> <br />Reserved <br /> <br />Proprietary Fund <br />Sewer <br />Governmental Funds <br />Debt service <br /> <br />Puroose <br /> <br />Amount <br /> <br />Senior housing project commitment <br /> <br />$ 71 631 <br /> <br />Debt service on bonds issued <br /> <br />$ 1 892 373 <br /> <br />Unreserved - Designated <br /> <br />Governmental Funds <br />General <br />H. Contributed Capital <br /> <br />W otking capital <br /> <br />$ 937952 <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 />$ 841,990 $ 1,085,521 $ 1,927,5\1 <br /> 334,735 220,205 554,940 <br /> (19.045 ) (20.523 ) 139.568 ) <br />$ 1157680 $ 1 285 203 $ 2 442 883 <br /> <br />Beginning balance, contributed capital <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 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 the <br />Puhlic 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 aud <br />administered in accordance with Minnesota statutesl 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 membeIS, and benefits to survivors upon death <br />of eligible members. Benefits are established by Minnesota statute, and vest after three years of credited service. <br />The defmed 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 tennination of service. <br />
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