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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2020
<br />NOTE 8 FUND BALANCES
<br />At December 31, 2020, a summary of the governmental fund balance classifications is as
<br />follows:
<br />Other
<br />Active ER
<br />Pavement
<br />Governmental
<br />General Fund
<br />Projects
<br />Management
<br />Funds
<br />Total
<br />Nonspendable
<br />Prepaid Items
<br />$ 282,860
<br />$
<br />$
<br />$
<br />16
<br />$
<br />282,876
<br />Restricted for:
<br />Debt Service
<br />$ -
<br />$
<br />$
<br />$
<br />9,299,633
<br />$
<br />9,299,633
<br />Park and Recreation Improvements
<br />5,841,159
<br />461,813
<br />6,302,972
<br />Landfill Mitigation
<br />-
<br />30,455
<br />30,455
<br />Economic Development
<br />1,345,458
<br />1,345,458
<br />Law Enforcement
<br />28,743
<br />28,743
<br />Capital Projects
<br />-
<br />9,243,221
<br />9,243,221
<br />Total Restricted
<br />$
<br />$
<br />5,841,159
<br />$
<br />$
<br />20,409,323
<br />$
<br />26,250,482
<br />Committed for:
<br />Library Operations
<br />$
<br />$
<br />-
<br />$
<br />$
<br />384,664
<br />$
<br />384,664
<br />Ice Arena
<br />184,997
<br />184,997
<br />Economic Development
<br />5,243,116
<br />5,243,116
<br />Insurance Reserve
<br />-
<br />80,480
<br />80,480
<br />Capital Projects
<br />99,367
<br />-
<br />99,367
<br />Street Improvements
<br />-
<br />5,712,882
<br />-
<br />5,712,882
<br />Total Committed
<br />$
<br />$
<br />99,367
<br />$
<br />5,712,882
<br />$
<br />5,893,257
<br />$
<br />11,705,506
<br />Assigned for:
<br />Landfill Mitigation
<br />$
<br />$
<br />$
<br />-
<br />$
<br />1,005,192
<br />$
<br />1,005,192
<br />Law Enforcement
<br />4,385
<br />4,385
<br />Economic Development
<br />631,924
<br />631,924
<br />Capital Equipment
<br />2,417,664
<br />2,417,664
<br />Building Construction/Improvements
<br />145,373
<br />3,398,713
<br />3,544,086
<br />Street Improvements
<br />-
<br />767,617
<br />767,617
<br />Other Improvement Projects
<br />6,467,199
<br />6,467,199
<br />Park Improvements
<br />-
<br />112,352
<br />112,352
<br />Total Assigned
<br />$
<br />$
<br />145,373
<br />$
<br />$
<br />14,805,046
<br />$
<br />14,950,419
<br />NOTE 9 DEFINED BENEFIT PENSION PLANS — STATE-WIDE
<br />A. Plan Description
<br />The City of Elk River participates in the following cost -sharing multiple -employer defined
<br />benefit pension plans administered by the Public Employees Retirement Association of
<br />Minnesota (PERA). PERA's defined benefit pension plans are established and
<br />administered in accordance with Minnesota Statutes, Chapters 353 and 356. PERA's
<br />defined benefit pension plans are tax qualified plans under Section 401(a) of the Internal
<br />Revenue Code.
<br />1. General Employees Retirement Plan
<br />The General Employees Retirement Plan covers certain full-time and part-time
<br />employees of the City. General Employees Plan members belong to the Coordinated
<br />Plan. Coordinated Plan members are covered by Social Security.
<br />(59)
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