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OFFICE OF AUDITOR OF STATE STATE OF IOWA - page 18 / 39

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(4)

(5)

(6)

(7)

(8)

(d)

At the time of delivery of the notes, $140,000 shall be deposited into an

improvement and extension account. deficiency in the sinking account,

These funds shall be used if there is a reserve account or to pay for capital

improvements and extensions to the Power Plant.

The Power Plant has not established the reserve or improvement and extension accounts as required by the electric revenue note resolution.

Pension and Retirement Benefits

The Power Plant contributes to the Iowa Public Employees Retirement System (IPERS),

which is a cost-sharing multiple-employer defined benefit pension plan administered by the State of Iowa. IPERS provides retirement and death benefits which are established by

state statute to plan members financial report that includes

information.

The

report

may

and beneficiaries.

IPERS issues a publicly available

financial statements and be obtained by writing to

required supplementary IPERS, P.O. Box 9117,

Des

Moines,

Iowa,

50306-9117.

Plan members are required to contribute 3.70% of their annual covered salary and the

Power Plant is required to contribute 5.75% of annual covered payroll.

Contribution

requirements are established by for the year ended December 31, the year.

state 2003

statute. The Power Plant’s contribution to IPERS was $7,970, equal to the required contribution for

Compensated Absences

Power Plant employees accumulate a limited amount of earned but unused vacation, sick leave and compensatory time hours for subsequent use or for payment upon termination, retirement or death. These accumulations are not recognized as disbursements by the Power Plant until used or paid.

The Power Plant has not determined the approximate liability for earned vacation, sick leave and compensatory time termination payments payable to employees at December 31, 2003.

Budget Overexpenditure

Per the Code of Iowa, disbursements may not

functional level.

During the year ended

business type budgeted.

activities

function

within

the

legally exceed budgeted appropriations at the December 31, 2003, disbursements in the City of Villisca budget exceeded the amount

Risk Management

The Power Plant is exposed to various risks of loss related to torts; theft, damage to and

destruction of assets; errors and omission; injuries to employees; and natural disasters.

These risks are assumes liability

covered for any

by the purchase of commercial insurance.

The Power Plant

deductibles and claims in excess of coverage limitations.

Settled

claims ended

from these risks have December 31, 2003.

not

exceeded

commercial

insurance

coverage

in

the

year

Commitments

At December 31, 2003, the Power Plant had remaining commitments totaling $33,750 for the installation of two new generators. The balance will be paid as work on the project progresses.

17

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