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Funds on Hand(as of March 31,2016) <br /> General Fund $ 4,311,265 <br /> Special Revenue Funds 5,523,646 <br /> Debt Service Funds 379,642 <br /> Capital Project Funds 14,811,360 <br /> Enterprise Fund 9,995,265 <br /> Agency Funds 111,218 <br /> Total Cash and Investments $35,132,396 <br /> Investments <br /> The City has a formal investment policy and all investments are made in accordance with Minnesota <br /> Statutes. The primary objectives of the City's investment policy, in priority order, include safety, <br /> liquidity, return on investment, and maintaining the public's trust. Permitted investments include <br /> repurchase agreements, United States securities (excluding high-risk mortgage-backed securities), the <br /> Minnesota Joint Powers Investment Trust, State and local securities,commercial paper,and time deposits. <br /> Guaranteed investment contracts and reverse repurchase agreements have specifically been excluded from <br /> the City's investment policy. As per the City's investment policy, the Finance Director shall be <br /> responsible for all transactions undertaken and shall establish a system of controls to regulate the <br /> activities of subordinate officials. <br /> As of March 31,2016,the City had investments totaling$31,524,563 (includes money market funds). <br /> Labor Contracts <br /> The status of labor contracts in City is as follows: <br /> No. of Expiration Date <br /> Bargaining Unit Employees of Current Contract <br /> LELS,Local 231 (Police) 24 December 31,2018 <br /> LELS,Local 271 (Police Sergeants) 5 December 31,2018 <br /> Subtotal 29 <br /> Non-unionized employees 117* <br /> Total employees 146 <br /> * The City is currently negotiating a new labor contract with IUOE Local 49 for 23 employees in street,park, and <br /> building maintenance. <br /> Employee Pensions <br /> All full-time employees and certain part-time employees of the City are covered by defined benefit <br /> pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). <br /> PERA administers the General Employees Retirement Fund (GERF) and the Public Employees Police <br /> and Fire Fund (PEPFF),which are cost-sharing multiple-employer retirement plans. GERF members <br /> belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by Social <br /> Security and Basic members are not. All new members must participate in the Coordinated Plan. All <br /> police officers, fire fighters and peace officers who qualify for membership by statute are covered by <br /> -31 - <br /> 149 <br />