My WebLink
|
Help
|
About
|
Sign Out
Home
2012 CAFR
Roseville
>
Budget
>
2012 CAFR
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/20/2013 3:59:30 PM
Creation date
12/20/2013 3:43:17 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
138
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2012 <br />NOTE 6 —OTHER POST - EMPLOYMENT BENEFITS (Continued) <br />G. Actuarial Methods and Assumptions (Continued) <br />In the January 1, 2011 actuarial valuation, the projected unit credit actuarial cost method was used. The <br />actuarial assumptions included a 4.5% investment rate of return (net of investment expenses), salary <br />increases of 2.0% (only used to bring salaries into the valuation year) and an initial annual health care <br />cost trend rate of 8% reduced by .5% each year to arrive at an ultimate health care cost trend rate of 5.0% <br />over 6 years. The health care cost trend rate includes a 2.5% inflation rate. The actuarial value of assets <br />was $0. The plan's unfunded actuarial accrued liability is being amortized using the level percentage of <br />projected payroll method over 30 years on a closed basis. The remaining amortization period at <br />December 31, 2010, was 27 years. <br />For the governmental activities, other postemployment benefits are generally liquidated through the <br />governmental fund in which an employee is assigned. <br />NOTE 7 — CHANGE IN ACCOUNTING PRINCIPLE <br />For the year ended December 31, 2012, the City implemented Governmental Account Standards Board <br />(GASB) Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of <br />Resources, and Net Position. This action resulted in the establishment of categories outside of assets and <br />liabilities titled deferred inflows. The statement also retitled Net Assets to Net Position. The City also <br />implemented GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, resulting in <br />accounts formerly presented as liabilities in the governmental fund statements being reclassified as deferred <br />inflows of resources. <br />NOTE 8 — GASB STATEMENTS ISSUED BUT NOT YET IMPLEMENTED <br />GASB Statement No. 68 replaces the requirements of Statement No. 27, Accounting for Pensions by State <br />and Local Governmental Employers and Statement No. 50, Pension Disclosures, as they relate to <br />governments that provide pensions through pension plans administered as trusts or similar arrangements that <br />meet certain criteria. Statement No, 68 requires governments providing defined benefit pensions to recognize <br />their long -term obligation for pension benefits as a liability for the first time, and to more comprehensively <br />and comparably measure the annual costs of pension benefits. <br />F <br />
The URL can be used to link to this page
Your browser does not support the video tag.