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CITY OF ROSEVILLE
<br />NOTES TO F[NANCIAI STATEMENTS
<br />�ECEMBER 31. 7993
<br />Note 14 - Seament Information for Enterprise FurWs (Continued)
<br />Fund equity
<br />January 1, 1993 7,770,960
<br />Net income (loss) before
<br />Capital-City (95,768)
<br />[apital-State
<br />December 31, 1993 57.675.192
<br />Note 15 - Risk Manaaement Fund
<br />8,718,343 883,437 889,201
<br />(531,424) 67,501 409,410
<br />E8,186.919 8944.938 51.298.611
<br />64,865 72,725,493
<br />(23,894) 138,797
<br />30,452,299
<br />110,760 49,382
<br />1,900,000 1,900,000
<br />540,971 812,244.290 82.070.760 532,401.681
<br />In 1987, the City established, a Risk Management Fund (an Internal Service Fund) to account for self-insurance coverage.
<br />Urxler this program, the City is self-insured up to a maxinnrm of E50,000 deductible on general Liability and property
<br />damage uith a maxirtxxn of 8100,000 per annun. Claims in excess of these amounts are fuLly insured throu9h the League
<br />of Minnesota Cities Insurance Trust. Fund revenues are primarily property tax Levies, premiun rebates and interest
<br />earnings, and are planned to metch expenses of insurance premiuns for coverage in excess of self-insured amounts, claims
<br />resultin9 from the setf-insurance program, and operating expenses.
<br />A provision is made fior claims incurred but not reported. ([.6.N.R.) The provision is based on the estimated
<br />ultimate cost of settlement, using pest experience adjusted for current trends.
<br />Note 76 - Deferred Canoensation Plan
<br />7he City offers its emptoyees a deferred compensation pLan established in accordance uith Internat Revenue
<br />Code Section 457. The plan, available to all employees, permits them to defer a portion of their salary
<br />until future years. The deferred compensation is not avaitable to employees until termination, retirement
<br />death or unforeseeable emergency.
<br />Alt amounts of compensaCion deferred under the plan, all property and rights property purchased uith those
<br />amounts, arW all income attributable to those amounts, or rights are (untit paid or made available to the
<br />employee or other beneficiary) soLely the property and rights of the City, subject onty to the claims of
<br />the City's general creditors. Participants' rights under the plan are equat to those of the City in an
<br />amount equal to the fair market value of the deferred account for each participant. Plan assets ot
<br />E1,279,754 at December 31, 7993 are shoun in the financial statements as a"Deposits with Trustees" in the
<br />agency funds with a corresporxiing credit to deposits payabte.
<br />It is the opinion of the City's le9al counsel that the City has no liability for losses under the ptan but does have
<br />the duty of due care that would be required of an ordinary prudent investor. The City believes that it is unlikety that
<br />it uill use the assets to satisfy the ctaims ot generat creditors in the future.
<br />Note 17 - Tax Increment
<br />The City of Rosevilte is the administering euthority for the folLouing tax increment finance district.
<br />Name of �istrict: Municipal Developnent District
<br />Type ot District: Redevelopment
<br />Authorixing Statue: 472A
<br />Year EstabLished: 1982
<br />Duration of District: 25 Years
<br />Originel Gross 7ax Capacity S 7,692,851 Total Bonds lssued and Type
<br />Current Gross 7ax Capacity: 812,382,054 Generet Obtigation E24,945,000
<br />Totel Loans Incurred '�'
<br />Captured Gross Tax Capacity: E4,689,203
<br />Retained by Authority 84,689,203
<br />Shared uith other taxing
<br />districts '0'
<br />Note 18 - Industriat Revenue Bonds
<br />Amounts redeemed
<br />Outstanding bonds and Loans at
<br />72/31/93
<br />8 3,935,000
<br />527,010,000
<br />The City has approved nine industrial revenue or housing revenue bond issues since 1982. Such bonds are issued in the
<br />City's name. Houever, no current or future liebility exists for the City under current State and Federal Statutes.
<br />As of December 37, 1993, E81.8 miltion of such bonds uere outstanding.
<br />L7.
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