1995 CAFR - Laserfiche WebLink

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Trust and Agency Funds (continued): Park Improvement Trust Fund: Self - Funding Insurance Fund: Trott Brook Cemetery Perpetual Care Fund: Deferred Compensation Plan Funds: FINANCIAL SECTION (continued) The Park Improvement Trust Fund was established to account for all cash and park dedication fees and miscellaneous revenues to be used for future land acquisitions and park capital improvements. On December 31, 1995, the fund balance was $453,274, an increase of $64,800 over the December 31, 1994 balance of $388,474. The Self - Funding Insurance Fund was established to account for insurance refunds, dividends and other miscellaneous insurance related revenues, and to provide for self-funding the deductible portion of the City's insurance premium. The fund balance on December 31, 1995, was $164,568, which represents an increase of $22,650 over 1994. Flexible Benefit Plan Fund: The Flexible Benefit Plan Fund is used to account for the City's flexible benefit plan which is classified as a "cafeteria plan" under Section 125 of the Internal Revenue Code. During 1995, $57,915 was the total pass through of employee contributions toward personal benefit program expenditures, compared to $48,360 for 1994. The Trott Brook Cemetery Perpetual Care Fund is used to account for perpetual care fees collected on the sale of cemetery plots in Trott Brook Cemetery. Interest earnings will be used to provide for maintenance of the cemetery. On December 31, 1995, the fund balance was $2,437. Agency Funds - Agency funds are custodial funds (assets equal to liabilities) and do not involve measurement of operations. Agency funds are merely clearing accounts and have no fund equity. The various Deferred Compensation Plan funds are used to account for employee deferred compensation plans created in accordance with Section 457 of the Internal Revenue Code.