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<br /> CITY OF ELK RIVER, MLNNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br />' DECEMBER 31, 2007
<br /> Note 4: OTHER INFORMATION -CONTINUED
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<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 /> 12/31/05 $ 1,886,585 $ 1,781,082 105.9% $ 105,503 $ 4,000
<br /> 12/31/06
<br />12/3]/07 2,092,351 1,823,195 114.8
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<br />420
<br />742 2
<br />110
<br />264 114
<br />7 269,156
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<br />478 4,175
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<br />450
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<br />' E. Segment Information
<br />The City maintains five ent
<br />water and electric utilities.
<br />' information is already inclu
<br />changes in net assets balanc
<br />' F. Conduit Debt Obligations
<br />erprise funds that account for the municipal liquor operations, gazbage collections, and sewer,
<br />The CiTy' considers each of its enterprise funds to be a segment. Since the required segment
<br />ded in the City's proprietary funds' balance sheet and statement of revenues, expenses, and
<br />e, this information has not been repeated in the notes to the basic financial statements.
<br />From time to time, the City has issued revenue bonds to provide financial assistance to private-sector entities for the
<br />' acquisition and construction of industrial and commercial, multi-family and educational facilities deemed to be in the
<br />public interest. I'he bonds are secured by the property frnanced and are payable solely from payment received from the
<br />benefited entity. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for
<br />' repayment of the bonds. Accordingly, the bonds are not repotted as liabilities in the accompanying financial statements.
<br />As of December 31, 2007, there were three series of revenue bonds outstanding, with an aggregate principal payable
<br />amount of $12, 858,105.
<br />G. Prior Period Adjustment
<br />' During the year ended December 31, 2007, the City recorded prior period adjustments in the Water and F,lectric funds
<br />for $77,492 and $108,899, respectively. An adjustment is required for the December 31, 2006 carry Forward (net asset)
<br />balance of the business-type activities to adjust for the reclassification of accumulated depreciation of business-type
<br />capital assets. The following schedule reconciles the December 31, 2006 net asset balance as restated:
<br />Net assets -December 31, 2006 $73,915,677
<br />' Prior period adjustment - reclass accumulated depreciation (186.391)
<br />Total net assets as restated -January 1, 2007 $73 729,286
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