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CITY OF ELK RIVER,MINNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> DECEMBER 31,2012
<br /> Note 3: DETAILED NOTES ON ALL FUNDS-CONTINUED
<br /> F. Fund Balance Classification
<br /> At December 31,2012,a summary of the govermnental fund balance classifications are as follows:
<br /> I
<br /> Other
<br /> General Improvement Government Govermnental
<br /> Fund Projects Buildings Funds Total
<br /> Nonspendable:
<br /> Prepaid items $ 20,201 $ $ $ 101,812 $ 122,013
<br /> I
<br /> Restricted for:
<br /> Debt service $ - $ - $ $ 4,274,442 $ 4,274,442
<br /> Landfill mitigation 763,939 763,939
<br /> Economic development 2,524,323 2,524,323
<br /> Insurance benefits 22,850 22,850
<br /> Law enforcement 23,288 23,288
<br /> Total restricted $ $ $ $ 7,608,842 $ 7,608,842
<br /> Committed to:
<br /> Library operations $ $ $ - $ 454,571 $ 454,571
<br /> Ice arena - 169,970 169,970
<br /> Senior citizen programs - 11,270 11,270
<br /> Economic development 1,572,471 1,572,471
<br /> Insurance reserve 247,903 247,903
<br /> OPEB obligation 208,486 - 208,486
<br /> Total committed $ 208,486 $ $ $ 2,456,185 $ 2,664,671
<br /> Assigned to:
<br /> 2013 budget $ 200,000 $ $ $ - $ 200,000
<br /> Landfill mitigation - - 697,428 697,428
<br /> Law enforcement - 376 376
<br /> Debt service 28,150 28,150
<br /> Economic development 166,538 166,538
<br /> Capital equipment 2,503,027 2,503,027
<br /> Building construction/improvements 4,526,365 - 4,526,365
<br /> Street improvements - 5,091,471 5,091,471
<br /> Other improvement projects 4,307,296 1,673,347 5,980,643
<br /> Park improvements - - 225,812 225,812
<br /> Total assigned $ 200,000 $ 4,307,296 $ 4,526,365 $ 10,386,149 $ 19,419,810
<br /> Note 4: OTHER INFORMATION
<br /> A. Risk Management
<br /> The City is exposed to various risks of loss related to torts;theft of damage to and'destiuction 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.
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