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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2008 NOTE 5 -OTHER INFORMATION (Continued) C. Employee retirement systems and pension plans (Continued) 3. Single employer defined benefit pension plan — volunteer fire relief association (Continued) b. Funding policy (Continued) Year Minnesota State Aid Contributions City of Roseville Contributions Schedule of Contributions Six Year Period Total Contributions Annual Pension Cost (APC) Percentage of APC Contributed Net Pension Obligation 2003 186,223 298,670 48403 484467 100.1% (211,215) 2004 238,102 210,568 448,670 348,275 128.8% (311,610) 2005 22703 121,587 348,670 331,325 105.2% (328,955) 2006 234,587 114,083 348,670 285,912 122.0% (391,713) 2007 200,220 49,780 250,000 292,818 85.4% (346, 242) 2008 171,025 128,975 300,000 13808 216.3% (507,554) The Minnesota State Aid contribution to the Roseville Firefighter's relief association is recorded as a revenue and expense in the General fund of the City. The City's contribution to the Roseville Firefighter's relief association is also recorded as an expense in the General fund of the City. The Roseville Firefighter's relief association is comprised of volunteers who are not considered employees of the City of Roseville. Therefore, the City has no on- behalf payments of fringe benefits and salaries. D. Annual pension cost and net pension obligation The annual pension cost and net pension obligation for the current year were as follows: Annual required contribution Interest on net pension obligation Adjustment to annual required contribution Annual pension cost Contributions made Increase (decrease) in net pension obligation Negative net pension obligation beginning of year Negative net pension obligation end of year 72 $ 128,137 (17,445) 27,996 138,688 (300,000) (161,312) (346,242) $ (507,554)