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CITY OF ELK RIVER,MINNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> DECEMBER 31,2013
<br /> Note 3: DETAILED NOTES ON ALL FUNDS—CONTINUED
<br /> F. Fund Balance Classification
<br /> At December 31,2013,a summary of the governmental fund balance classifications are as follows:
<br /> Other
<br /> General YMCA Governmental
<br /> Fund Bonds TIF Districts Funds Total
<br /> Nonspendable:
<br /> Prepaid items $ 14,628 $ - $ $ 99,703 $ 114,331
<br /> Restricted for:
<br /> Debt service $ $ 10,128,625 $ $ 1,753,800 $ 11,882,425
<br /> Landfill mitigation 660,000 660,000
<br /> Economic development - 441,509 1,744,897 2,186,406
<br /> Insurance benefits - - 22,850 22,850
<br /> Law enforcement - 45,671 45,671
<br /> Park improvements - 3,516 3,516
<br /> Total restricted $ - $ 10,128,625 $ 441,509 $ 4,230,734 $ 14,800,868
<br /> Committed to:
<br /> Library operations $ $ - $ $ 448,680 $ 448,680
<br /> Ice arena = - 245,124 245,124
<br /> Economic development - - 2,296,904 2,296,904
<br /> Insurance reserve - - - 195,438 195,438
<br /> Street improvements - 1,207,543 1,207,543
<br /> OPEB obligation 247,937 - 247,937
<br /> Total committed $ 247,937 $ - $ $ 4,393,689 $ 4,641,626
<br /> Assigned to:
<br /> Landfill mitigation $ - $ $ $ 655,177 $ 655,177
<br /> Law enforcement - 992 992
<br /> Debt service - 37,796 37,796
<br /> Economic development - 174,901 174,901
<br /> Capital equipment - 2,363,328 2,363,328
<br /> Building construction/improvements = 3,864,325 3,864,325
<br /> Street improvements - 1,794,744 1,794,744
<br /> Other improvement projects - 6,387,251 6,387,251
<br /> Park improvements - - 177,157 177,157
<br /> Total assigned $ - $ - $ $ 15,455,671 $ 15,455,671
<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 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.
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