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NOTE 7 — INDIVIDUAL FUND DISCLOSURES
<br />A. Fund Deficits
<br />The following funds have a fund balance /retained earnings deficit at December 31, 2003:
<br />The City intends to fund these deficits through future tax levies, special assessments levies, tax
<br />increments, transfers from other funds, grants, utility revenues, and various other sources.
<br />B. Budgets
<br />The following is a reconciliation between the Combined Statement of Revenue, Expenditures, and
<br />Changes in Fund Balance and the Combined Statement of Revenue, Expenditures, and Changes in Fund
<br />Balance — Budget and Actual (GAAP Basis):
<br />Special Revenue Funds
<br />With budgets
<br />Economic Development Authority
<br />Without budgets
<br />Tax increment
<br />Landfill tipping fee
<br />Revolving loan
<br />Minnesota Department of
<br />Natural Resources Grant
<br />Future sealcoating
<br />Peace officers
<br />Lawful gambling
<br />Equipment revolving
<br />Developer's fees
<br />Community development
<br />block grant
<br />Debt Service Fund
<br />2002A Capital Equipment Certificates $ 3,570
<br />Capital Project Fund
<br />Section 22 Drainage District $ 15,901
<br />Total
<br />Revenue
<br />$ 11,729
<br />3,169,215
<br />16,328
<br />48,127
<br />27,577
<br />88,424
<br />19,522
<br />30,382
<br />110,913
<br />206,717
<br />220,000
<br />Total
<br />Expenditures
<br />Total
<br />Financing
<br />Sources (Uses)
<br />Fund
<br />Balance
<br />End of Year
<br />$ 66,000 $ (658) $ 147,705
<br />1,244,734 (1,356,724) 3,633,187
<br />— (7,500) 728,324
<br />— — 53,384
<br />24,030 — 4,623
<br />222,132
<br />21,852
<br />— 155,444
<br />(268,703) 4,138,931
<br />875,204
<br />220,000 — 3,024
<br />16,879
<br />20,507
<br />54,493
<br />$ 3,948,934 $ 1,646,643 $ (1,633,585) $ 9,983,810
<br />Total actual expenditures exceeded budgeted (appropriations) in the Economic Development Authority
<br />Fund by $637 and were financed with greater than anticipated revenues.
<br />NOTE 8 — DEFINED BENEFIT PENSION PLANS — STATE -WIDE
<br />A. Plan Description
<br />All full -time and certain part-time employees of the City are covered by defined benefit plans
<br />administered by the Public Employees' Retirement Association of Minnesota (PERA). PERA
<br />administers the Public Employees' Retirement Fund (PERF) and the Public Employees' Police and Fire
<br />Fund (PEPFF) which are cost - sharing, multiple - employer retirement plans. These plans are established
<br />and administered in accordance with Minnesota Statutes, Chapters 353 and 356.
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