2022-06-08 CC Packet - Laserfiche WebLink

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City of Centerville, Minnesota Notes to the Financial Statements December 31, 2021 Note 4: Defined Benefit Pension Plans - Statewide (Continued) G. Pension Liability Sensitivity ed pension liability would be if it were calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate: City Proportionate Share of NPL 1 Percent1 Percent Decrease (5.50%)Current (6.50%)Increase (7.50%) General Employees Fund$ 792,568$ 388,611$ 57,140 H. Pension Plan Fiduciary Net Position separately issued PERA financial report that includes financial statements and required supplementary information. That report may be obtained on the Internet at www.mnpera.org. Note 5: Joint Powers Agreements A.Centennial Fire District The Centennial Fire District (the District) was formed under the authority of Minnesota statutes 471.59 in 1985 by agreement of the member cities of Centerville, and Circle Pines. The district was created to provide fire protection services to the residents of the member cities. The District is managed through a three-tier system consisting of a Fire Chief, a Steering Committee, and the City Councils of the member cities. The Fire Chief is an appointed position. Each member city appoints two commissioners. One of these commissioners must be an elected official of the City. Each member city contributes funds to cover the budgeted costs of operations as determined by the commissioners. The amount of contributions required by each member is based on each citys population, number of fire calls, and assessed valuations. Contributions made by member cities for 2021, were as follows: City of Centerville$ 298,396 45.79% City of Circle Pines 353,276 54.21 Total$ 651,672100.00% Volunteer firefighters of the District are members of the Centennial Firefighters Relief Association (the Association). The Association is a single-employer pension plan (the Plan) that operates under the provisions of Minnesota statutes 69 and 424, as amended. It is governed by a board of six officers and trustees elected by the members of the Association for three-year terms. The ex-officio, non-voting members of the Board of trustees are two representatives from the Centennial Fire Steering Committee and the Fire Chief of the District. The Association issues a publicly available financial report that includes financial statements and required supplementary information. The report may be obtained by writing to the Centennial Fire District 7741 Lake Drive, Lino Lakes, MN 55014. 64