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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2011 <br />NOTE 5 -OTHER INFORMATION (Continued) <br />E. Annual pension cost and net pension obligation (Continued) <br />Year <br />2006 <br />2007 <br />2008 <br />2009 <br />2010 <br />2011 <br />Actuarial <br />Value of <br />Assets <br />$ 8,007,93 5 <br />8,328,320 <br />5,749,103 <br />6,784,350 <br />7,525,091 <br />7,402, 826 <br />December 31, 2011 <br />Actuarial <br />Unfunded <br />Accrued Liability <br />(Overfunded) <br />(Entry Age) <br />Accrued Liability <br />- <br />$ 8,197,703 <br />$ 189,768 <br />8,336,812 <br />8,492 <br />8,568,192 <br />2,81909 <br />8,651,694 <br />1,867,344 <br />8,798,831 <br />1,274,740 <br />8,937,648 <br />1,534,822 <br />Funded <br />Ratio <br />97.7% <br />99.9% <br />67.1% <br />78.4% <br />85.5% <br />82.8% <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 maintained its excess funds with the City to invest and earn interest. The City <br />provided for an investment trust and accounted for the funds accordingly. There was 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 were restricted within the statutes. The Trust's <br />cash was pooled with the City's funds, and disclosed as part of these notes to basic statements. As of May <br />30, 2011 the North Suburban Cable Commission no longer invests its excess funds with the City. <br />72 <br />