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Annual_Report_1976_001
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Annual_Report_1976_001
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51 <br />CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEh1ENTS (CONTINU�D) <br />DECII�IBER 31, 1976 <br />Note 3 - Retirement Plans <br />The City partici.pates in contributory pension plans administered by the State <br />, of Minnesota which covers substantially all employees. The comhined annual <br />' cost of these plans including amortization of estimated prior service cost was <br />$161,945 in 1976 and $147,518 for 1975. Prior service cost is being amortized <br />over a period of 40 years and is being funded as a percent of gross wages <br />" participating in the state association. It is the policy of the City to fund <br />L <br />� pension costs accrued. <br />Note 4 - Committments <br />The City holds non-cancellable leases on three municipal liquor stores which <br />expire at various dates from 1978 to 1980. Two of the leases are renezoable <br />for additional periods of five to ten years. <br />Scheduled rents (exclusive of taxes, insurance and maintenance which are also <br />paid by the City) on the long-term leases are summarized by year of lease <br />expiration as follows: <br />` Aggregate <br />� Year ended No. of leases Annual rent to end <br />December 31, expiring rental of lease term <br />1978 1 $5,428 $ 8,142 <br />1979 1 5,250 13,125 <br />1980 1 9,839 32,797 <br />5�54� 064 <br />Note 5 - Litigation <br />The City is a defendant in a third party action involving potential damages <br />of $125,000 and in two claims for back pay and punitive damages totaling <br />$70,000. In the opinion of the City attorney, these actions �oill be successfully <br />defended. <br />
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