Laserfiche WebLink
CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31,2004 <br />NOTE 5 —OTHER INFORMATION (Continued) <br />D. Annual pension cost (Continued) <br />The latest actuarial value of plan liability on January 1, 2004 was $7,760,496. The value of the plan <br />assets, valued at market, totaled $6,195,089 on January 1, 2004. A six -year summary of Assets, <br />Liabilities and funding ratios are listed below: <br />Schedule of Funding Progress <br />December 31,2004 <br />Actuarial Actuarial Unfunded <br />Value of Accrued Liability <br />Year <br />Assets <br />(Entry Age) <br />1998 <br />519561146 <br />610291019 <br />1999 <br />617411180 <br />612001077 <br />2000 <br />612631506 <br />617871517 <br />2001 <br />517431650 <br />713721974 <br />2002 <br />511271888 <br />714891194 <br />2003 <br />611951089 <br />717601496 <br />2004 <br />NIA <br />N/A <br />(Overfunded) <br />Accrued Liability <br />Funded <br />Ratio <br />721873 <br />98.8% <br />(541,103) <br />108.7% <br />5241011 <br />92.3% <br />116291324 <br />77.9% <br />213611306 <br />68.5% <br />115651407 <br />79.8% <br />N/A <br />N/A <br />Covered payroll is not an actuarial factor in determining benefits or funding obligations under applicable <br />Minnesota statutes. <br />NOTE 6 - INVESTMENT TRUST <br />The North Suburban Cable Commission, a separate joint-powers agency, which includes Roseville and nine <br />other cities, voluntarily maintains its excess funds with the City to invest and earn interest. The City <br />provides for an investment trust and accounts for the funds accordingly. There is no direct regulatory <br />oversight of the fund by any other agency, except the investments are in accordance with Minnesota State <br />Statutes, which provides for public funds treatment, and thus are restricted within the statutes. The Trust's <br />cash is pooled with the City's funds and is classified in Category I. <br />The fair value is determined on a monthly basis but is only booked to the investment trust at the end of the <br />calendar fiscal year of the City. The method of determining the values and shares of the Commission in the <br />investment trust is the same pro -rata monthly average cash method employed with all other city funds. The <br />City provides no other guarantees other than the underlying securities, which are restricted as per state <br />statutes. <br />As of December 31, 2004, the fair value (carrying value) of the commission investment trust is $967,921. <br />No separate report is issued. <br />