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CITY OF RAMSEY
<br />Notes to Financial Statements (continued)
<br />December 31, 1998
<br />NOTE 11 -DEFERRED COMPENSATION PLANS
<br />The City offers its employees deferred compensation plans created in accordance with Internal Revenue
<br />Code § 457. The plans permit employees to defer a portion of their salary until future years. The deferred
<br />compensation is not available to employees until termination, retirement, death, or unforeseen emergency.
<br />In prior years, deferred compensation plan assets were considered City property until paid out to plan
<br />participants, and were reported in the City's financial statements. Due to a law change, all plan assets were
<br />placed in trust accounts for the plan participants .during the 1998 fiscal year. As a result, these assets are no
<br />longer City property, and the Agency Funds in which the assets were reported have been closed.
<br />NOTE 12 -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, 1998 is as follows:
<br /> Water Sewer Street Recycling
<br /> Utility Utility Light Utility Total
<br />Operating revenue $ 490,532 $ 412,296 $ 77,672 $ 126,905. $ 1.,107,405
<br />Depreciation expense $ 168,678 $ .164,762 $ 8,381 $ - $ 341,821
<br />Operating income (loss) $ 114,378 $ (6,942) $ 37,335 $ 9,404 $ 154,175
<br />Operating transfers (out) $ (560,210) $ (5,000) $ (2,000) $ (1,500) $ (568,710)
<br />Net income (loss) $ (271,805) $ 42,146 $ 45,999 $ 8,718 $ (174,942)
<br />Property, plant, and equipment -
<br />additions $ 1,242,158 $ 458,068 $ 8,600 $ - $ 1,708,826
<br />Property, plant, and equipment -
<br />deletions $ - $ - $ - $ - $ -
<br />Net working capital $ 3,081,367 $ 1,239,207 $ 126,965 $ 65,660 $ 4,513,199
<br />Total assets $ 10,421,471 $ 8,424,474 $ 279,119 $ 67,579 $ 19,192,643
<br />Total equity $ 10,402,742 $ 8,352,566 $ 260,815 $ 65,660 $ 19,081,783
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