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<br />I <br /> <br /> <br />CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2004 <br /> <br />I <br /> <br />I <br /> <br />Note 4. OTHER INFORMATION - CONTINUED <br /> <br />Remaining amortization period: <br />Normal cost <br />Prior service cost <br />Asset valuation method <br /> <br />I <br /> <br />20 years <br />5 years <br />Market <br /> <br />I <br /> <br />Actuarial assumptions: <br />Investment rate of return <br />Projected salary increases <br />Inflation rate <br />Cost of living adjustment <br /> <br />5% <br />N/A <br />N/A <br />None <br /> <br />I <br /> <br />I <br /> <br />Three-Year Trend Information <br /> <br /> Annual Percentage Net <br />Year Pension of APC Pension <br />Ending Cost ( APC) Contributed Obligation <br />12/31/02 $ 88,790 126% $ 0 <br />12/31/03 112,146 123% 0 <br />12/31/04 147,589 117% 0 <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />Required Supplementary Information - Schedule of Funding Progress <br /> <br />I <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 /> 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 /> 12/31/04 1,646,533 1,664,129 98.9 (17,596) 4,000 <br />E. Segment Information <br /> <br />I <br /> <br />I <br /> <br />The City maintains five enterprise funds that account for the municipal liquor operations, garbage collections, and sewer, I <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 fmancial statements. I <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 I <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 financed 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. I <br />Accordingly, the bonds are not reported as liabilities in the accompanying fmancial statements. <br /> <br />As of December 31, 2004, there were five series of industrial revenue bonds outstanding, with an aggregate principal I <br />amount payable of$18,800,000. <br /> <br />51 I <br />