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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2003 <br /> <br />Note 4. <br /> <br />Prior service cost <br />OTHER INFORMATION - CONTINUED <br /> <br /> Asset valuation method <br /> <br /> Actuarial assumptions: <br /> Investment rate of return <br /> Projected salary increases <br /> Inflation rate <br /> Cost of living adjustment <br /> <br />5 years <br /> <br />Market <br /> <br /> 5% <br /> N/A <br /> N/A <br />None <br /> <br />Three-Year Trend Information <br /> <br /> Annual Percentage Net <br />Year Pension of APC Pension <br />Endin~ Cost (APC) Contributed Obligation <br /> <br />12/31/01 $ 75,947 139% $ 0 <br />12/31/02 88,790 126% 0 <br />12/31/03 112,146 153% 0 <br /> <br />Required Supplementary Information - Schedule of Funding Progress <br /> <br /> Assets in <br /> Excess of Pension <br />Actuarial Actuarial Actuarial (Unfunded) Benefit <br />Valuation Value of Accrued Percentage Accrued Per Year <br />Date Assets Liabilities Funded Liability of Service <br /> <br />12/31/01 $1,093,828 $1,223,881 89.4% $(130,053) $3,575 <br />12/31/02 1,037,180 1,267,510 81.8 (230,330) 3,575 <br />12/31/03 1,354,326 1,378,916 98.2 (24,590) 3,575 <br /> <br />to <br /> <br />Segment Information <br /> <br />The City maintains five enterprise funds that account for the municipal liquor operations, garbage collections, and sewer, <br />water and electric utilities. The City considers each of its enterprise funds to be a segment. Since the required segment <br />information is already included in the City's proprietary funds' balance sheet and statement of revenues, expenses, and <br />changes in net assets balance, this information has not been repeated in the notes to the basic f'mancial statements. <br /> <br />F. Conduit Debt Obligations <br /> <br />From time to time, the City has issued industrial revenue bonds to provide financial assistance to private-sector entities <br />for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds <br />are secured by the property f'manced and are payable solely from payment received from the benefited entity. Neither <br />the City, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. <br />Accordingly, the bonds are not reported as liabilities in the accompanying £mancial statements. <br /> <br />As of December 31, 2003, there were five series of industrial revenue bonds outstanding, with an aggregate principal <br />amount payable of $19,230,000. <br /> <br /> <br />