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CITY OF ROSEVILLE, MINNF..SOTA <br />NOTPS TO TII� I'INANCIAL STATEMENTS (CONTINUED) <br />DF.CETSBEK 31, 1977 <br />Note 3 - Retirement Plans <br />The City participates in contributory pension plans administered by the State <br />of Minnesota which covers substantially a11 employees. The combined annual <br />cost of these plans including amortization of estimated prior service cost was <br />$167,316 in 1977 and $161,945 for 19%6. Prior service cost is bein�; amortizrd <br />ovex a pericd of 40 years and is being funded as a percent of gross wages <br />participating in the state association. It is tLe policy of the City to fund <br />pension costs accrued. <br />Note 4 - Committments <br />The City holds non-cancellabl.e 7.eases on three municipal liquor stores v�hich <br />expire at various dates from 1978 to 1980. Two of the leases are renewable <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 lnng-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, e+piri�_ rental o,`. lease term <br />197 F3 <br />1979 <br />1980 <br />1 <br />1 <br />1 <br />$5,428 <br />5,250 <br />9,839 <br />$ 2,7i/+ <br />7,£t75 <br />Z2,GS8 <br />33 S�E7 <br />sr <br />