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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2000 <br />Note 10: LEGAL COMPLIANCE <br />Ftind di-.finits <br />The following funds have deficit fundbalances as of December 31, 2000: <br />Capital Projects Funds - <br />East Highway 10 Improvements $1,519,409 <br />Tax Increment Financing Districts 345,968 <br />The deficits in the Capital Projects Funds will be eliminated as financing sources are received in 2001. <br />Expenditures were in excess of budget for the year ended December 31, 2000 in the following funds: <br />The variances were funded by revenue in excess of budget and available fund balance. <br />Note 11: DEFINED BENEFIT PENSION PLAN -STATEWIDE <br />A. Plan Description <br />All full-time and certain part-time employees of the City of Elk River are covered by defined benefit <br />pension plans administered by the Public Employee Retirement Association of Minnesota (PERA). <br />PERA administers the Public Employees Retirement Fund (PERF), the Public Employees Police <br />and Fire Fund (PEPFF), and the Local Government Correctional Service Retirement Fund <br />(LGCSRF), which are cost-sharing, multiple -employer retirement plans. These plans are <br />established and 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 <br />members are covered by Social Security and Basic Plan members are not. All new members <br />must participate in the Coordinated Plan. All police officers, fire fighters and peace officers who <br />qualify for membership by statute are covered by the PEPFF. <br />�PERA provides retirement benefits as well as disability benefits to members, and benefits to <br />survivors upon death of eligible members. Benefits are established by State Statute, and vest <br />after three years of credited service. The defined retirement benefits are based on a member's <br />highest average salary for any five successive years of allowable service, age, and years of credit <br />at termination of service. <br />28 <br />.. lqq1get <br />Actual <br />Variance <br />Special Revenue Funds - <br />Ice Arena Fund <br />$298,150 <br />$397,288 <br />$99,138 <br />Landfill Fund <br />13,850 <br />32,377 <br />18,527 <br />Economic Development Authority <br />181,100 <br />195,166 <br />14,066 <br />The variances were funded by revenue in excess of budget and available fund balance. <br />Note 11: DEFINED BENEFIT PENSION PLAN -STATEWIDE <br />A. Plan Description <br />All full-time and certain part-time employees of the City of Elk River are covered by defined benefit <br />pension plans administered by the Public Employee Retirement Association of Minnesota (PERA). <br />PERA administers the Public Employees Retirement Fund (PERF), the Public Employees Police <br />and Fire Fund (PEPFF), and the Local Government Correctional Service Retirement Fund <br />(LGCSRF), which are cost-sharing, multiple -employer retirement plans. These plans are <br />established and 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 <br />members are covered by Social Security and Basic Plan members are not. All new members <br />must participate in the Coordinated Plan. All police officers, fire fighters and peace officers who <br />qualify for membership by statute are covered by the PEPFF. <br />�PERA provides retirement benefits as well as disability benefits to members, and benefits to <br />survivors upon death of eligible members. Benefits are established by State Statute, and vest <br />after three years of credited service. The defined retirement benefits are based on a member's <br />highest average salary for any five successive years of allowable service, age, and years of credit <br />at termination of service. <br />28 <br />