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NOTES TO FINANCIAL STATEMENTS - Continued <br />December 31, 1985 <br />Note 8: Individual Fund Disclosures - Continued <br />B. Interfund operating transfers made during the year: <br />Funds <br />From To Amount Purpose <br />General Building $ 20,000 Capital Projects <br />General Improvement and $ 39,737 capital Outlay <br />Equipment Outlay Expenditures <br />Revenue Sharing General $ 15,850 Capital Outlay <br />Expenditures <br />Revenue Sharing Improvement and $ 27,635 Capital Outlay <br />Egi.,1.F ,e:! -lutlay Expenditures <br />Liquor 01 rating General $ 5,000 Annua' "•ans`-r <br />C. Other Individual Fund Information: <br />N- deficit fund balances existed at year-end. Expenditures exceed <br />opriations (budget) in the following individual funds: <br />Excess Expenditures <br />Over Budget <br />Special Revenue Fund - <br />Revenue Sharing $17,664 <br />Community Development Block _;rant $ 125 <br />Note 9: Retirement Plans <br />Substantially all r employees are covered by a statewide contritu- <br />tory retirement p1P^ ?crated by the Public Employees' Retirement <br />Association (PERK, .he City records pension expense as the contr,.r,u- <br />tions come due. Cuntributions for 1985 were a80-406. Contribu' <br />rates are determined on a statewide basis and i...,lude provisic r <br />prior service costs. The assets of the State of Minresota r-R,-. ad <br />were substantially less than the actuarially computed val• vested <br />benefits as of the most recent valuation date. That part of t',e defi- <br />ciency attributable to the rif, is not determinable. <br />The City • ors its employees a defer =d 1,:ompensation plan created in <br />accordance with Internal Revenue Code Section 457. The plan, <br />available to all City employeep, permits them to defer a portion of <br />their salary until future %years.. The deferred compensation is not <br />available to employees unti_ termination, retirement, death, or <br />unforeseeable emergency. <br />- 19 - <br />