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ELK RIVER MUNICIPAL UTILITIES <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2007 AND 2006 <br />Note 2: DETAILED NOTES ON ALL FUNDS -CONTINUED <br />D. Interfund Receivables, Payables and Transfers <br />The composition of Interfund balances at December 31, 2007 is as follows: <br />Receivable Fund <br />Payable Fund <br />Amount Purpose <br />City -General fund <br />City -multiple funds <br />City -General fund <br />City -Sewer <br />City -Garbage <br />Electric <br />Electric <br />Electric <br />Electric <br />Electric <br />Total Electric fund payable to City <br />Water City -Capital projects fund <br />City -General fund Water <br />City -General fund Water <br />Total Water fund receivable from City <br />Total payable to City <br />Interfund transfers: <br />Transfer out: <br />Electric <br />Water <br />Total transfers out <br />Note 3: DEFINED BENEFIT PENSION PLANS -STATEWIDE <br />A. Plan Description <br />$ (39,043) Shared building costs <br />(42,000) December transfer of 3% of revenue <br />(6,094) Electric share of insurance <br />(122,511) Billed sewer on behalf of City <br />(86,667) Billed garbage on behalf of City <br />(296,315) <br />128,850 TIF 22 Water Access Charge <br />(13,014) Shared building costs <br />(2,032) Water share of insurance <br />113,804 <br />$ (182,511) <br />Transfer to <br />Other City Funds Purpose <br />$ 483,000 Transfer 3% of revenue <br />20,000 Water share of bonding <br />$ 503,000 <br />All full-time and certain part-time employees of the Utilities are covered by defined benefit plans administered by <br />the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public Employees <br />Retirement Fund (PEKE), which is acost-sharing, multiple-employer retirement plan. This plan is established and <br />administered in accordance with Minnesota statutes, chapters 353 and 356. <br />PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are covered by <br />Social Security and Basic Plan members are not. All new members must participate in the Coordinated Plan. <br />PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of <br />eligible members. Benefits are established by Minnesota statute, and vest after three years of credited service. The <br />defined retirement benefits are based on a member's highest average salary for any five successive years of allowable <br />service, age and years of credit at termination of service. <br />-23- <br />