1982 CAFR - Laserfiche WebLink

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8. RETIREMENT PLAN All City employees (with minor exceptions such as casual labor) must belong to the State -wide retirement plan administered by the Public Employees Retirement Association (PERA). The City contribution to this plan of $31,928, based on statutory percentages determined by PERA for the year ended December 31, 1982, included an amount to retire prior years' unfunded liabilities with full funding required by the year 2010. PERA is a State -wide contributory retirement plan for which an individual City's portion of the unfunded liability is not available because no city is directly liable for any unfunded liability under Minnesota law. 9. CITY ASSUMED SPECIAL ASSESSMENTS City assumed special assessments represent the portion of construction costs which were determined to be a benefit to the City. Therefore, such costs are not assessed against specific property owners. The City has adopted a financing plan which requires a transfer from the General Fund to the Debt Service Funds to pay for such costs. Under the plan, the assessments will be paid off in ten years. At December 31, 1982, the balance of City assumed special assessments was $48,000. The amount will be recorded as an other financing source /use in the year transferred. 10. INTERFUND RECEIVABLES AND PAYABLES Fund EXHIBIT 4 Interfund Interfund Receivables Payables General $2,710 Expendable Trust - Landfill Trust $2,710 Total $2.710 $2,710 11. FUND DEFICIT The Capital Projects - State -Aid Construction fund had a fund balance deficit of $45,015 at December 31, 1982. -18- 1 1 1 1 1 1 1 1 1 1