1997 CAFR - Laserfiche WebLink

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FINANCIAL SECTION (gontinuedl ' Trust and Ag~nFy Funda (continued) 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 Intemal Revenue Code. ' During 1997, $53,286 was the total pass through of employee contributions toward personal benefit program expenditures, compared to $58,832 for 1996. Trott Brook Cemetery Perpetual Care Fund: The Trott Brook Cemetery Perpetual Care Fund is used to account for perpetual caze 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, 1997, the fund balance was $12,968, compazed to $8,729 for 1996. Agency Funds -Agency funds aze custodial funds (assets equal to liabilities) and do not involve measurement of ~ operations. Agency funds are merely clearing accounts and have no fund equity. Deferred Compensation Plan Funds: 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. The general fixed assets of the City are those fixed assets of tangible nature and significant value, which have a service life in excess of one yeaz, are used in the performance of general governmental functions, and are not accounted for in the Enterprise Funds. These assets are accounted for in the General Fixed Asset Account Group. The City has chosen not to report infrastructure fixed assets such as streets, storm sewers, and similar assets that are immovable and of value only to the City. As of December 31, 1997, the general fixed assets of the City amounted to $5,887,473. This amount represents the original cost of the assets and is considerably less than their present replacement value. Depreciation is recognized in the City's accounting system for only the Enterprise Funds fixed assets, and not the general fixed assets. General obligation bonds and other forms of long-term debt supported by general revenues and the full faith and credit of the City are obligations of the City as a whole and not a single individual fund. The proceeds from such debt may also be spent on facilities which are utilized in the operations of several funds. For these reasons, the amount of un-matured, long-term indebtedness, which is backed by the City, are accounted for and reported in a separate self-balancing group of accounts entitled General Long-Term Debt Account Group. x ix