2004-04-28 WS & CC Meeting - Laserfiche WebLink

Home Browse Search

CITY OF CENTERVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2003 Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED Tax Increment Districts The City is the administering authority for the following tax. increment financing districts: District Number 1-4 Adjusted Origina! Tax Capacity Current Tax Capacity (payable 2003) $ 4,007 32.336 Captured Tax Capacity Retained by the City Type ofDistrict $ 28 329 Economic Development Fond Equity Reservations and Designations The components of fund equity are described in Note 1. Certain reservations and designations bave been made in the following funds: Pumose Amount Reserved Proprietary Fund Sewer Govel'llD1eDlal Funds Debt service Senior housing project commitment $ 71631 Debt service on bonds issned S ~~723g7 Unreserved - Designated Governmental Funds General Working capital $ I 063 023 Nnte 4: DEFINED BENEFIT PENSION PLANS - STATEWIDE A. Plan Description All full-time and certain part-time employees of the City are covered by defined benefit plans administered by the Public Employees Retirement AsSoCiation ofMi1mesota (PERA). PERA administers the Public Employees Retirement Fund (pERF), which is a cost-sharing, multip1e-employer retirement plan The plan is established and administered in accordance with Minn2S0ta statutes, Chapters 353 and 356. PERF members belong to either the Coordinated Plan or the Basic Plan Coonlinated Plan members are covered by Social Secnrity and Basic Plan members are not All new members must participate in the Coordinated Plan. PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligtble members. Benefits are established by Minnesota statute, aod vest after three years of credited service. The defined retirement benefits are based on a member's highest average salary for any five successive years of allowable service, age and years of credit at termination of service.