|
CITY OF POSEVILLE, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS - (LONTTNUE�)
<br />DECEM9ER 31 1989
<br />Note 17 Seqment Infor ation f Enterprise Funds (Continued)
<br />Sales
<br />Operating
<br />revenues
<br />�ep�eciation
<br />Operating
<br />income
<br />(loss)
<br />Other
<br />nonoperating
<br />revenues
<br />(expenses)
<br />Net Income
<br />(Loss)
<br />Sanitary ICe
<br />Sewer Water Gotf Arena
<br />S 15,445 S 25,937
<br />Storm
<br />Drainaqe Totat
<br />Y 41,432
<br />51,748,398 52,405,622 187,794 357,385 5538,755
<br />12t,709 186,737 17,463 45,759 155,748
<br />( 68,379) (7,176) 31,433 (20,875) 88,155
<br />140,255 166,005 18,743 25,�38 95,153
<br />71,876 158,829
<br />Property and
<br />- equipment
<br />Additions 10,441 106,754
<br />Net warking
<br />capital 1,680,845 2,215,690
<br />Total assets 8,257,350 70,271,749
<br />6onds payabte
<br />Fund equity
<br />Contributed 5,424,024 7,045,764
<br />Retained
<br />earnings 2,720,780 2,344,142
<br />TotaL equity 8,1L4,804 9,389,906
<br />5,237,954
<br />529,416
<br />23,158
<br />445,295
<br />50,176 4,253 183,309 468,453
<br />40,141 13,673 43h,363 607,372
<br />227,848 305,193 690,271 5,119,848
<br />707,453 1,056,558 11,640,111 31,933,222
<br />25,000 25,000
<br />65,809 489,237 11,679,436 24,644,27II
<br />630,809 514,950 '14,062 6,224,7L3
<br />696,618 1,004,187 11,633,498 30,869,013
<br />Note 18 - Risk Manaqement fund
<br />7he City established in 1987, a Risk Management Fund (an InternaL Service Pund) [o account for self-insur-
<br />ance coverage. Under this program, the City is self-insured up to a maximum oi-S50,000 deductibte on gener-
<br />al Liability and property dama9e with a maximum of 8100,000 per annum. Claims in excess of these amounts are
<br />futLy insured ihrough the League of Minnesota Cities Insurance Trust. Fund revenues are primarity properTy
<br />tax levies, premium rebates and interest earnings, and are pLanned to match expenses of insurance premiums
<br />for coverage in excess of seLf-insured amounts, cLaims resulting from the seLf-insurance program, and oper-
<br />ating expenses.
<br />Note 19 - Oet rred Comoensation Plan
<br />The City offers its employees a deferred compensation pLan estabLished in accordan<e vith tnternaL
<br />ftevenue Code Section 457. The pLan, avaitable to all emptoyees, permits them to defer a portion of
<br />their saLary untiL future years. The deferred compensation is not avaitable co empLoyees until
<br />termination, retirement, death or unforeseea6Le emergency.
<br />50
<br />
|