5.2. SR 06-19-2006 - Laserfiche WebLink

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CITY OF ELK RIVER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2005 Note 4. OTHER INFORMATION - CONTINUED Remaining amortization period: Normal cost Prior service cost 20 years 5 years Asset valuation method Market Actuarial assumptions: Investment rate of return Projected salary increases Inflation rate Cost of living adjustment 5% N/A N/A None Three-Year Trend Information Annual Percentage Net Year Pension of APC Pension Ending Cost (APC) Contributed Obligation 12/31/03 $112,146 123% $0 12/31/04 147,589 117% 0 12/31/05 136,429 121% 0 Required Supplementary Information - Schedule of Funding Progress Assets in Excess of Pension Actuarial Actuarial Actuarial (Unfunded) Benefit Valuation Value of Accrued Percentage Accrued Per Year Date Assets Liabilities Funded Liability of Service 12/31/03 $1,354,326 $1,378,916 98.2% $(24,590) $3,575 12/31/04 1,646,533 1,664,129 98.9 (17,596) 4,000 12/31/05 1,886,585 1,781,082 105.9 105,503 4,000 E. Segment Information The City maintains five enterprise funds that account for the municipal liquor operations, garbage collections, and sewer, water and electric utilities. The City considers each of its enterprise funds to be a segment. Since the required segment information is already included in the City's proprietary funds' balance sheet and statement of revenues, expenses, and changes in net assets balance, this information has not been repeated in the notes to the basic fmancial statements. F. Conduit Debt Obligations From time to time, the City has issued industrial revenue bonds to provide fmancial assistance to private-sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds are secured by the property fmanced and are payable solely from payment received from the benefited entity. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying fmancial statements. As of December 31, 2005, there were five series of industrial revenue bonds outstanding, with an estimated aggregate principal amount payable of$20,845,000. 55 I I I I I I I I I I I I I I I I I I I