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CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note.10 DEFERRED COMPENSATION PLANS (continued) <br />It is the City's belief that they have no liability for losses under the plans but <br />do have the duty of due care that would be required of ordinary prudent <br />investor. The City also believes that it is unlikely that it will use the assets <br />to satisfy the claims ofgeneral creditors in the future. <br />The three trustees used by the City are The Minnesota .State Deferred <br />Compensation Plan, Kemper Investor Life Insurance Company, and United <br />Resources Insurance Services Incorporated. Assets of the plans are held by <br />the trustees and are reflected in these statements as Agency Funds at market <br />value. <br />Note 11. RESERVES AND DESIGNATED FUND EG~UITY (continued) <br />Fund balance or retained earnings in various funds has been reserved or <br />designated. <br />The following reservations of the fund equity have been made at December 31, <br />1 989: <br />Water and Sewer Fund - <br />Future construction $233,458 <br />The Water and Sewer Fund reservation for future construction is from <br />assessments for elevated water storage and future oversizing of water and <br />sewer lines. <br />The following designations of unreserved fund equity have been made at <br />December 31, 1989: <br />General Fund - <br />Compensated Absences $ 8 2, 6 3 2 <br />Working capital 1.592.073 <br />1 ,674,705 <br />Debt Service Funds - <br />Debt service 2,435,362 <br />General Fund - <br />Compensated absences designation for $82,632 represents the estimated <br />long-term liability for compensated absences. <br />Working capital designation for $1,592,073 provides for cash flow needs <br />based on the level of intergovernmental revenue received by the City. <br />-34~ <br />