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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2 0 0 3 NOTE 5 —OTHER INFORMATION (Continued) D. Annual pension cost (Continued) The latest actuarial value of plan liability on January 1, 2004 was $7,760,796. The value of the plan assets, valued at market, totaled $6,195,089 on January 1, 2004. A six -year summary of Assets, Liabilities and funding ratios are listed below: Covered payroll is not an actuarial factor in determining benefits or funding obligations under applicable Minnesota statutes. NOTE 6 - INVESTMENT TRUST The North Suburban Cable Commission, a separate joint-powers agency, which includes Roseville and nine other cities, voluntarily maintains its excess funds with the City to invest and earn interest. The City provides for an investment trust and accounts for the funds accordingly. There is no direct regulatory oversight of the fund by any other agency, except the investments are in accordance with Minnesota State Statutes, which provides for public funds treatment, and thus are restricted within the statutes. The Trust's cash is pooled with the City's funds and is classified in Category I. The fair value is determined on a monthly basis but is only booked to the investment trust at the end of the calendar fiscal year of the City. The method of determining the values and shares of the Commission in the investment trust is the same pro -rata monthly average cash method employed with all other city funds. The City provides no other guarantees other than the underlying securities, which are restricted as per state statutes. As of December 31, 2003, the fair value (carrying value) of the commission investment trust is $1,586,994. No separate report is issued. 71 Schedule of Funding Progress December 31,2003 Actuarial Actuarial Unfunded Value of Accrued Liability (Overfunded) Funded Year Assets (Entry Age) Accrued Liability Ratio 1998 519561146 650297019 721873 98.8% 1999 617411180 612001077 (541,103) 108.7% 2000 612631506 6,787,517 5249011 92.3% 2001 517431650 713721974 116291324 77.9% 2002 511271888 714891194 29361,306 68.5% 2003 611951089 717601496 115651407 79.8% Covered payroll is not an actuarial factor in determining benefits or funding obligations under applicable Minnesota statutes. NOTE 6 - INVESTMENT TRUST The North Suburban Cable Commission, a separate joint-powers agency, which includes Roseville and nine other cities, voluntarily maintains its excess funds with the City to invest and earn interest. The City provides for an investment trust and accounts for the funds accordingly. There is no direct regulatory oversight of the fund by any other agency, except the investments are in accordance with Minnesota State Statutes, which provides for public funds treatment, and thus are restricted within the statutes. The Trust's cash is pooled with the City's funds and is classified in Category I. The fair value is determined on a monthly basis but is only booked to the investment trust at the end of the calendar fiscal year of the City. The method of determining the values and shares of the Commission in the investment trust is the same pro -rata monthly average cash method employed with all other city funds. The City provides no other guarantees other than the underlying securities, which are restricted as per state statutes. As of December 31, 2003, the fair value (carrying value) of the commission investment trust is $1,586,994. No separate report is issued. 71