3. The City of Sweetwater maintains an Employees' Retirement Fund, a single- employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city's General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees' Retirement Fund as of July 1, 2016, is shown here: CITY OF SWEETWATER Employees' Retirement Fund Statement of Fiduciary Net Position As of July 1, 2016 Assets Cash Accrued Interest Receivable Investments, at Fair Value: $ 130,000 55,000 Bonds Common Stocks 4,500,000 1,300,000 5,985,000 Total Assets Liabilities Accounts Payable and Accrued Expenses Fiduciary Net Position Restricted for Pensions 350,000 $5,635,000 During the year ended June 30, 2017, the following transactions occurred: 1. The interest receivable on investments was collected in cash. 2. Member contributions in the amount of $275,000 were received in cash. The city's General Fund also contributed $800,000 in cash