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

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DEPOSITS PAYABLE A summary of the changes in platting fees deposited with the City during 1981, and Escrow Fund, is as follows: Deposits, January 1, 1981 .................. Platting fee deposits received ............. Other deposits ............................. Total .................................. Less: Fees retained by City .................... Platting fee deposits refunded ........... Other refunds ............................ Total .................................. and performance bonds accounted for in the $3,783 620 4,948 6,304 320 $12,733 4,403 11~572 Deposits, December 31, 1981 ................ .$ 5.564 RETIREMENT PLAN Ail City employees (with minor exceptions such as casual labor) must belong to tbe State-wide retirement plan administered by the Public Employees Retirement Association (PERA). The City contribution to this plan of $27,194, based on statutory percentages determined by PERA for the year ended December 31, 1981, included an amount to retire prior years' unfunded liabilities witb full funding required by the year 2010. PERA is a State-wide contributory retirement plan for which an individual City's portion of tbe unfunded liability is not available because no city is directly liable for any unfunded liability under Minnesota law. CITY ASSUMED SPECIAL ASSESSMENTS City assumed special assessments represent the construction costs which were determined to be City. Therefore, such costs are not assessed property owners. The City has adopted a requires a transfer from the General Fund Assessment Funds to pay for such costs. assessments will be paid off in ten years. 1981, the balance of City assumed special $54,000. The amount source/use in the year portion of a benefit to the against specific financing plan which to the Special Under the plan, the At December 31, assessments was will be recorded as an other financing transferred. -16- I I I I I I I I I I I I I I I I I I