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CITY OF ROSBVILLH
<br />NOTHS TO PINANCIAL STATBM8NT5
<br />DHC6M0HR 31. 1994
<br />N t 14 - 5 C I f t' ior Hnteroriae Punde (Continued)
<br />Sanitary Solid Stoxm
<br />Sewer water waete nrainaae Golf Total
<br />operating '�
<br />tranefeze (ovU �'
<br />in
<br />Other
<br />nonoperating � '��,
<br />revenvee '��.
<br />& Crans£ere ]6,096 2.826 5]2 (130,408) 32�132 1,218 '�..
<br />Net Intome
<br />(Loes) 194,]20 2'/6 O11 3 120 14 829 56_1698 42 542
<br />PropertY �d ''�..
<br />equipment .�
<br />Additione 55,�66 223,408 60] 503,986 3],890 821,338 ��.
<br />Net working
<br />capiCal 1,568,845 154,982 1,504 9'14,15"! 432,88'I 3,132,2�5
<br />Total aeaete ],938,159 9,935,622 93,202 12,243,322 1,014,924 31,185,029 '�,
<br />Pund equitY ��.'�.
<br />ConCributed 5,424,024 '/,045,]64 55,000 13,619,436 65,B09 24,210,033 -
<br />RetainGd
<br />eaxninge 2.445,808 865.144 3'] 199 610A25 935,829 4.839.]35
<br />Total equity "1 869 912 '/.930,908 3�,051 12.229,461 1.001,636 29 049,'168
<br />Pvnd equity ��....
<br />Janualy l, 1994 '1,6'/5,192 8,186,919 40,9'/i 12,244,290 944,938 29,092,330
<br />Net income (loea) before
<br />Capital-City 194,']20 (296,011) (3,120) (14,829) 56,698 (42,542) �
<br />Decembei 31, 1999 5�,869.912 59,930.908 35 ]_851 $12.229,461 $1,001,636 29.�0�9,968 '
<br />Note 15 - Riek Manaqement Pund
<br />In 19B'!, the Ciey establiehed, a Risk Management Pund (an Zntemal Service Pund) to account for eelf-inevrance coverage. ..
<br />Under thie pzogram, the City ie eelE-ineured up to a maximum of 550,000 daductible on general liability and pmperty '
<br />damage with a maximum o£ $100,000 pez azuvum. Claime in exceae of theae amounee are fully insured thmugh the League
<br />o£ Minneeota Citiea Ineurance 1Yvet. Fund revenuea are pzimarily pxoperty tax leviee, premium rebatee ac�d intereet ,,.
<br />eami�ge, and are planved [o match expenaee o£ ineurance pzemiums foz covesage in exceee of eelf-ineured amounts, claime '��,.
<br />reaulting £rom the eel£-ineurance program, and operating expeneee. ,
<br />A pmviaion ie made for claime incurred but not reported. (I.e.N.R.) The pmvieion is baeed on the eetimated
<br />ultimate coet o£ eettlement, ueing paet expezience adjueted Eor current trmde. ���,.
<br />Average annual claime paid aince the inception of the Riek Management Pund have been leea [han 525,000 per year. No
<br />claime have zequired paymente by the Ineurance Trvet. ,
<br />Note 16 - De£erred Compeneation Plan
<br />The City offeze ite employeee a deferred compeneation plan establiahed in aetoxdance with Internal Revenue .
<br />Code Section 45'1. 'the plan, available to all employeee, pesmits them to defer a portion of their ealary
<br />until £uture yeare. Tha deferred compeneation ie not available to employeee untii texmination, rotixement
<br />death or unforeeeeable eme�ency. ��..
<br />All amounte o£ compeneation defezred under the plan, all property and righte pmperty purchaeed with thoee ..
<br />amounte, and all income attributable to thoee amounte, oz xighta are (until paid or made available to the
<br />employee or other beneficiary) aolely [he pxnpertY and righte o£ the City, eubject only to the claima of
<br />the City`s general creditore. Participanta' zighte undez the plan are equal to thoae of the City in an '�,
<br />amount equal to the fair market value o£ the deferred account Eor eaeh partieipant. Plan aeeate o£ '�..
<br />$1,429,]14 at December 31, 1994 aze ehovn in the financial etatemente aa a"Depoaite with Truetees" in the ��.
<br />agency £unds with a correeponding eredit to depoaite payable.
<br />St ie the opinion of the City'e legal couneel that the City hae no liability for loeeee undar the plan but doee have ''�..
<br />ehe duty of due eaze that would be required o£ an ordinary prudent inveeCor. The City believee that it ie ucilikely that '�..
<br />it will uee the aesets to aatie£y the claime of general creditoze in the futurn. ''�
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