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CITY GF ROS�VIT.i E, N!INIVESOTA NOTES TO THE FINANCIAL STAT�MENTS (CONTINU�D) DECENBEk 31, 1980 Note 5- Metropolitan Waste Control Commission ' �� The deferred credit and receivable ia the Sanitary Sewer '_�ur•.d _'rom the Metropoli_tan Waste Control Commission represents the following: The City's share oi equity in the Ci�y's sewer syste� w!�ich c.as acquired by �� , the Commission on Sanuary l, 1971. This current value receivable will be ' paid to the City in annual installments thru year 2000. Repayment coi11 be made by issuing credits against future disposal char��as. The debt service receivable represents the amounts to be received�for debt service on facilities originally acquired by the Commission. This amount receivable for debt service will end in 1981. Repayment wi11 be made by issuing credits against future disposal charoes. �� The final cost allocation from the Commission for 1979 is reflected on the ' 1980 financial statements. Note 7 - Fund Deficits Special Assessment Debt Servi.ce - The debt szrvire f-+_ed-*,ait`�.ir �he spec_a1 asscssment fund has a defici.t balance of $2,664,162 as of December 31, 1980. The deficit represents the unfunded portioa of the City's share of che improvement costs. It is the intention of the City to reduce this deficit through aaauai _zx levies. �'a�:es of $577,249 have been levied for collection in 1981_ co reduce the deficit. The resolutions, adopted by Council, authorizing the issuance of the general obligation improvement (special assessment) bonds set forth deferred tax levies which are to be levied annually. These levies may be reduced or cancelled only in accordance with the provisions of Minnesota Statutes. The deferred tax levies are not reflected in the financial statements as of December 31, 1980. The toal amount of the de£erred tax levies as of December 31, 1980 are $8,332,837. Recreation Fund - This fund balance deficit is expected to �e eliminated by future tax levies. � Note 8- Excess of Expenditures over Budget The Recreation Fund expenditures oi $470,184 exceeded the budget of $465,401 by $4,783 Note 9 - Litigation The City had the usual and castomary types of miscellaneous claims pending at year end, mostly of a minor nature and usually a11 covered by insurance carried for that purpose. The City also carries personal injury insurance slander, violation of privacy, wrongful entry, enforcement of the City code and general laws. the above, pending at year end which would, in office, incur any material liability. 34 against suits for false arrest, ?ibe., etc., which suits can arise from 'Lhere were no such suits, other than the opinion of� the City's�ACtorney's