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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2010 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) The Minnesota State Aid contribution to the Roseville Firefighter's relief association is recorded as a revenue and expenditure in the General fund of the City. The City's contribution to the Roseville Firefighter's relief association is also recorded as an expenditure 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 71 $ 353,384 (8,913) 21,461 365,932 (364,502) 1,430 (178,263) $ (176,833) Schedule of Contributions Six Year Period Minnesota City Annual Percentage Net State Aid of Roseville Total Pension of APC Pension Year Contributions Contributions Contributions Cost (APC) Contributed Obligation 2005 $ 227,083 $ 121,587 $ 348,670 $ 331,325 105.2% $(328,955) 2006 234,587 11403 348,670 285,912 122.0% (391,713) 2007 200,220 49,780 25000 $292,818 85.4% (346,242) 2008 171,025 128,975 30000 13808 216.3% (507,554) 2009 143,353 63,875 207,228 539J71 38.4% (178,263 ) 2010 14802 216,500 364,502 365,932 99.6% (176,833) The Minnesota State Aid contribution to the Roseville Firefighter's relief association is recorded as a revenue and expenditure in the General fund of the City. The City's contribution to the Roseville Firefighter's relief association is also recorded as an expenditure 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 71 $ 353,384 (8,913) 21,461 365,932 (364,502) 1,430 (178,263) $ (176,833)