|
CITY OF ELiC RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2011
<br />Note 3: DETAILED NOTES ON ALL FUNDS — CONTINUED
<br />Committed to:
<br />Library operations
<br />Ice arena
<br />Senior citizen programs
<br />Economic development
<br />Insurance reserve
<br />OPEB obligation
<br />Total committed
<br />Assigned to:
<br />2012 budget
<br />Subsequent years budgets
<br />Landfill mitigation
<br />Law enforcement
<br />Debt service
<br />Economic development
<br />Capital equipment
<br />Building construction /improvements
<br />Street improvements
<br />Other improvement projects
<br />Park improvements
<br />Total assigned
<br />Note 4: OTHER INFORMATION
<br />A. Risk Management
<br />General Improvement
<br />Fund Projects
<br />Other
<br />Governmental
<br />Funds Total
<br />$
<br />$
<br />$ 442,183
<br />$ 442,183
<br />-
<br />13,755
<br />13,755
<br />-
<br />10,508
<br />10,508
<br />-
<br />-
<br />1,985,961
<br />1,985,961
<br />-
<br />-
<br />260,238
<br />260,238
<br />156,323
<br />-
<br />156,323
<br />$
<br />156,323
<br />$
<br />$ 2,712,645
<br />$ 2,868,968
<br />$
<br />366,150
<br />$
<br />$ -
<br />$ 366,150
<br />493,358
<br />-
<br />-
<br />493,358
<br />-
<br />-
<br />682,208
<br />682,208
<br />-
<br />222
<br />222
<br />-
<br />18,265
<br />18,265
<br />-
<br />158,769
<br />158,769
<br />-
<br />-
<br />2,500,571
<br />2,500,571
<br />-
<br />5,507,987
<br />5,507,987
<br />-
<br />4,977,180
<br />4,977,180
<br />-
<br />4,427,389
<br />1,276,255
<br />5,703,644
<br />-
<br />-
<br />187,949
<br />187,949
<br />$
<br />859,508
<br />$ 4,427,389
<br />$ 15,309,406
<br />$ 20,596,303
<br />The City is exposed to various risks of loss related to torts; theft of damage to and destruction of assets; errors and
<br />omissions; injuries to employees; and natural disasters for which the City carries insurance. The City obtains insurance
<br />through participation in the League of Minnesota Cities Insurance Trust (LMCIT) which is a risk sharing pool with
<br />approximately 800 other governmental units, The City pays an annual premium to LMCIT for its workers compensation
<br />and property and casualty insurance. The LMCIT is self - sustaining through member premiums and will reinsure for
<br />claims above a prescribed dollar amount for each insurance event. Settled claims have not exceeded the City's coverage
<br />in any of the past three fiscal years.
<br />Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably
<br />estimated. Liabilities, if any, include an amount for claims that have been incurred but not reported (IBNRs). The City's
<br />management is not aware of any incurred but not reported claims.
<br />B. Contingent Liabilities
<br />Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor agencies, principally
<br />the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the
<br />applicable funds. The amount, if any, of expenditures that may be disallowed by the grantor cannot be determined at this
<br />time, although the government expects such amounts, if any, to be immaterial.
<br />The City's tax increment districts are subject to review by the State of Minnesota Office of the State Auditor (OSA).
<br />Any disallowed claims or misuse of tax increments could become a liability of the applicable fund. The City's
<br />management is not aware of any instances of noncompliance which would have a material effect on the financial
<br />statements.
<br />56
<br />
|