2002 Comprehensive Annual Finanical Report (CAFR)

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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2002 NOTE 5 -OTHER INFORMATION (Continued) C. Employee retirement systems and pension plans (Continued) 2. Single employer defined benefit pension plan - volunteer fire relief association (Continued) b. Funding policy Minnesota Statutes Chapter 424A sets out the employer requirements far contributions. The annual employer contribution level for any given year is a combination of the normal cost for that year and an amount to reduce the unfunded actuarial liability. The minimum obligation is the normal cost plus the amount needed to amortize fully the unfunded liability. The City funding requirements equal the minimum obligation less the Minnesota State fire aid. Under state statutes, if the City fails to provide the required funding, the Association may submit a levy to the county auditor in an amount equal to the city requirement, to be levied on all property within the city. A six year schedule of contributions are set out below. The Roseville Firefighters' Relief Association is comprised of volunteers, therefore, there are no payroll expenditures, nor covered payroll expenditure calculations. ra Schedule of Contributions Six Year Period Minnesota State Aid City of Roseville Total Percent Year Contributions Contributions Contributions Contributed 1997 $ 1205470 $ 139,977 2505447 100% 1998 1259126 15500 2901815 100% 1999 127,393 12500 2525393 100% 2000 132,626 1 001000 2325626 100% 2001 134,220 1005000 2345220 100% 2002 1521658 179,295 3313953 100% The Roseville Firefighters' Relief Association is comprised of volunteers, therefore, there are no payroll expenditures, nor covered payroll expenditure calculations. ra