1983-03-02 Regular Meeting - Laserfiche WebLink

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. .... " . i . . . ~ ... t . NOTE 6: NOTE 7: NOTE 8: NOTE 9: . . CITY OF LA PORTE Page 11 of 12 NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1982 $713,104 is available in the Debt Service Fund to service the General Obligation Bonds. The City is in compliance with all significant limitations and restrictions of the various bond in- dentures. LITIGATION The City has no significant claims or litigation pending against it at September 30, 1982. CONTINGENT LIABILITIES The City of La Porte participates in the General Revenue Sharing program as well as other federally assisted programs from time to time. These programs are subject to program compliance audits by the grantors or their representatives. Accordingly, the City's compliance with program requirements could be subject to review at some future date. The amount, if any, of expenditures which may be disallowed cannot be determined at this time although the City expects such amount.s, if any, to be inunaterial. GENERAL FUND BALANCE At year end the City also set aside or designated for future expenditures $830,982 of the City's general fund balance as follows: Revenue Sharing Reserve Due to La Porte Area Water Authority Sick & Vacation Time Accumulated Self Insured - Vehicles & Equipment Other Designations 149,893 100,000 474,372 75,000 31,717 TOTAL DESIGNATED $ 830,982 OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES Generally accepted accounting principles require disclosure, as part of the Combined Statements - overview, of certain information concerning individual funds including: A. Segment information for certain individual Enterprise Funds. The City of La Porte maintains two enterprise funds, the Utility Fund to account for revenues and expenses related to the operation and main- tenance of the water and sewer systems of the City; and the Airport Fund to account for revenues and expenses related to the operation of the airport. Net working capital for the Utility Fund is $827,521. and for the Airport is $ 854. Total assets for the Utility Fund is $12,3l6,89l and for the Airport Fund.is $464,083. Long-term pbrtion of funds payable from operating revenues of the Utility Fund and the Airport Fund respectively are $125,000 and $5,000. All other segment information required is effectively met in this report by Exhibits 5, 7 and Note 4. B. Summary disclosures of debt service requirements to maturity for all types of outstanding debt. This requirement is met by Note 5. -21-