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NOTE 10 - FLEXIBLE BENEFIT PLAN
<br />The City has a flexible benefit plan which is classified as a "cafeteria plan" under § 125 of the Internal
<br />Revenue Code. All full -time and part-time regular employees of the City are eligible. Eligible employees
<br />can elect to participate by contributing pre -tax dollars withheld from payroll checks to the plan for health
<br />and dental care, dependent care, life insurance premiums, and disability insurance benefits. Payments are
<br />made from the plan to participating employees upon submitting a request for reimbursement of eligible
<br />expenses actually incurred by the participant.
<br />Before the beginning of the plan year, which is from January 1 to December 31, each participant
<br />designates a total amount of pre -tax dollars to be contributed to the plan during the year. At
<br />December 31, the City is contingently liable for claims against the total amount of participants' annual
<br />contributions to the health and dental care portion of the plan, whether or not such contributions have
<br />been made.
<br />The City serves as trustee and handles all plan record keeping. The plan is included in the financial
<br />statements as an Expendable Trust Fund.
<br />All plan property and income attributable to that property is solely the property of the City subject to the
<br />claims of the City's general creditors. Participants' rights under the plan are equal to those of general
<br />creditors of the City in an amount equal to the eligible health care and dependent care expenses incurred
<br />by the participants. The City believes that it is unlikely that it will use the assets to satisfy the claims of
<br />general creditors in the future.
<br />NOTE 11- SEGMENT INFORMATION FOR ENTERPRISE FUNDS
<br />The City provides services which are accounted for in the Enterprise Funds. The segment information for
<br />these Enterprise Funds for the year ended December 31, 2003 is as follows:
<br />Operating revenue
<br />Depreciation expense
<br />Operating income
<br />Operating transfers (out)
<br />Net income
<br />Current capital
<br />contributions
<br />Property, plant, and
<br />equipment - additions
<br />Net working capital
<br />Total assets
<br />Total equity
<br />Storm
<br />Water Sewer Street Recycling Water
<br />Utility Utility Light Utility Utility Total
<br />879,324 $
<br />303,523 $
<br />236,025 $
<br />(14,000) $
<br />2,278,285 $
<br />58,151 $
<br />744,859
<br />232,287
<br />204,131
<br />(9,000)
<br />1,310,812
<br />$ 1,125,484 $ 831,500 $ 22,685
<br />$ 6,198,007 $ 3,428,665 $ 406,610
<br />$ 18,956,014 $ 13,054,335 $ 677,974
<br />$ 18,938,849 $ 12,970,588 $ 645,664
<br />-28-
<br />$ 96,002 $ 153,147
<br />$ 16,852 $ -
<br />$ 28,407 $ 7,446
<br />$ (6,000) $ (5,000)
<br />$ 125,339 $ 3,257
<br />$ -
<br />$ 86,856
<br />$ 86,856
<br />$ 86,856
<br />$ 332,784
<br />$ 81,758
<br />$ 87,162
<br />$ (5,000)
<br />$ 1,004,406
<br />$ 1,031,490
<br />$ 413,320
<br />$ 4,266,632
<br />$ 4,266,632
<br />$ 2,206,116
<br />$ 634,420
<br />$ 563,171
<br />$ (39,000)
<br />$ 4,722,099
<br />68,521 $ - $ - $ 11I,375 $ 238,047
<br />$ 3,011,159
<br />$ 10,533,458
<br />$ 37,041,811
<br />$ 36,908,589
<br />
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