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Fiduciary Funds. The Ci 's fiduciary duties are accounted for in both Trust and Agency <br />Funds. The primary trust ds are the Police and Fire Pension Funds (explained below). The <br />Agency Fund is for payroll and related employee deductions. <br />Retirement Fund and the 1 <br />by the State of Indiana. H. <br />1977, who did not opt into <br />Fund and the 1937 Firefigl <br />This group of police office <br />number and as a percentag <br />City as a whole. <br />The 1925 and 1937 Plans <br />and distributions from the <br />statute that created these f <br />than a "pay-as-you-go" ba <br />these funds to provide the <br />principles. This informati <br />itions. Most City employees are covered by the Public Employees <br />77 Police Officers' and Firefighters' Pension Fund, both administered <br />~vever, certain police officers and firefighters hired before May 1, <br />he 1977 fund, continue to be members of the 1925 Police Pension <br />ers' Pension Fund. These two funds are administered by the City. <br />and firefighters will continue to decline in the future both as a total <br />of total payroll of both the police and fire departments and of the <br />funded through a combination of property taxes levied by the City <br />ite Pension Relief Fund. As a result of the requirements of the state <br />is, the City is legally prevented from funding them in any other way <br />For December 31, 2001, the City received an actuarial survey on <br />per disclosures required by generally accepted accounting <br />is included in the following section. <br />Cash Management. In ac ordance with state statute, cash temporarily idle during the year is <br />invested in demand deposit ,certificates of deposit, obligations of the U.S. Treasury and <br />repurchase agreements that a fully collateralized by U.S. Governmer.~t or U.S. Government <br />Agency obligations. <br />In addition to the insurance vailable to all depositors through the Fedc;ral government, all <br />deposits of the City are cov red by the Public Deposits Insurance Fund maintained by the State <br />Board for Depositories. Th t fund, established in 1937, covers both principal and interest of all <br />deposits and investments m de by an Indiana governmental unit with approved public <br />depositories in accordance ith the Public Deposits and Investments Law. <br />Risk Management. The ~ <br />Employee Benefits Fund a <br />mentioned, these self-insu <br />of the Self-Funded Emplo; <br />covered dependents and rr <br />Medical claims exceeding <br />carrier. In addition to mec <br />disability benefits for emp <br />automobile and comprehe~ <br />liability for self-insurance <br />occurrence in accordance <br />claims represents an estim <br />.y has established two self-insurance funds: the Self-Funded <br />l the Liability Insurance Premium Reserve Fund. As previously <br />ice funds are accounted for as Internal Service Funds. The purpose <br />Benefits Fund is to pay medical claims of City employees and their <br />imize the total cost of annual medical insurance to the City. <br />.25,000 per insured on an annual basis are covered through a private <br />al claims, the fund pays premiums for life insurance and long term <br />fees. The Liability Insurance Premium Re;serve Fund covers <br />ve liability as well as workers' compensatiion costs. The City's <br />limited to $300,000 per person and $5,000,000 in the aggregate per <br />th Indiana Tort Law. The accrued liability for estimated insurance <br />of the probable loss on unpaid claims arising prior to year end. <br />xv <br />