1983-03-02 Regular Meeting - Laserfiche WebLink

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. .... t . . " . . "- . ~ . . NOTE 2: . -. . e CITY OF LA PORTE Page 7 of 12 NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 The City also participates in a retirement plan for the volunteer Firemen administered totally by the State's Firemen Pension Fund. The City,contributed $9,720 in FY 9-82. Total assets of the City's plan at 9-30-82 were $24,663. Although no actuarial computed values of vested benefits have been made for the City's plan, the State has no- tified ,the City that benefits to future retirees have been increased with no additional cost to the City. In addition, the state has not requested any additional funding for retirees and widows. J. ACCUMULATED UNPAID VACATION. SICK PAY AND OTHER EMPLOYEE BENEFIT AMOUNTS Employees are credited with vacation time at rates from ten to twenty-five days per year, depending upon length of service. After one year of service, all unused vacation time earned is vested and payable upon an employee's termination with the City. Employees are credited with sick leave at the rate of 1.25 days per month. After one year of service, all unused sick time is vested and payable upon an employee's termination with the City. The accumulated unpaid vacation and sick pay amounts are accrued when incurred in proprietary funds (using the accrual basis of ac- counting). Such amounts are not accrued in governmental funds (using the modified accrual basis of accounting). At September 30, 1982, unrecorded General Fund estimated liabilities for compensated absences was $474,372. The $474,372 is designated as reserved against fund balance which indicates that this amount is not "available spendable resources." The Utility Fund liability at year end was $59,544. K. TOTAL COLUMNS ON COMBINED STATEMENT - OVERVIEW Total columns on the Combined Statements - Overview are captioned Memorandum only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. PROPERTY TAXES Property taxes for fiscal year September 30, 1982, attach as an enfor- ceable lien on property as of January 1, 1981. Taxes at $.72 per $100 of assessed valuation were levied on, September 15, 1981 and were payable on October 1, 1981. -17-