Comp Annual Fincl Rpt 12/31/81 - Laserfiche WebLink

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Property ~axes Property tax levies are set by the City Council with the levy certified to the County, which acts as collection agent, in October prior to the year collectible. Such taxes constitute a lien on tbe property on January t of the year collectible. Cities in Minnesota operate under a levy limitation law wbich generally permits an eight percent increase in taxes levied per capita each year along with certain permitted special levies as set' forth in Minnesota Statutes. The levy limitation law applied to the City of Ramsey beginning in 1981. Levies for bonded indebtedness are not limited by this law. COLLATERAL FOR BANK DEPOSITS ~ Minnesota law requires that public funds on deposit in blnks be protected by deposit insurance and pledged collataral .... ~On December 31, 1981, the City's funds on deposit exceeded such protection by approximately $540,000. RESERVED FUND BALANCE At December 31, 1981, the City has reserved fund balance in the General Fund for $21,928, representing the estimated liability for unused vacation pay. An equal amount of cash has also been restricted for this purpose. CHANGES IN GENERAL FIXED ASSETS Changes in the general fixed assets account group during 1981 were as follows: Land ............ Buildings and improvements.. Office equipment Motor vehicles.. Machinery and equipment ..... 0tber improvements.. Balance Balance January 1, December 31, 1981 Additions Retirements 1981 $ 148,013 $ 86,400 $ 234,413 628,577 628,577 21,462 2,844 24,306 257,011 45,570 302,581 24,331 4,879 29,210 8~742 .3,420 _ 12,162 Total ....... $1,088,13~ $143,113 $ -0- $! ,.23,1,2,4__99 -14- I I I I I I I I I I I I I I I' I I I I