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CITY OF ROSEVILLE
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2009
<br />NOTE 5 -OTHER INFORMATION (Continued)
<br />C. Employee retirement systems and pension plans (Continued)
<br />3. Single employer defined benefit pension plan — volunteer fire relief association (Continued)
<br />b. Funding policy (Continued)
<br />The Minnesota State Aid contribution to the Roseville Firefighter's relief association is recorded
<br />as a revenue and expense in the General fund of the City. The City's contribution to the Roseville
<br />Firefighter's relief association is also recorded as an expense in the General fund of the City. The
<br />Roseville Firefighter's relief association is comprised of volunteers who are not considered
<br />employees of the City of Roseville. Therefore, the City has no on- behalf payments of fringe
<br />benefits and salaries.
<br />D. Annual pension cost and net pension obligation
<br />The annual pension cost and net pension obligation for the current year were as follows:
<br />Annual required contribution
<br />Interest on net pension obligation
<br />Adjustment to annual required contribution
<br />Annual pension cost
<br />Contributions made
<br />Increase (decrease) in net pension obligation
<br />Negative net pension obligation beginning of year
<br />Negative net pension obligation end of year
<br />71
<br />$ 498,607
<br />(25,510)
<br />63,422
<br />536,519
<br />(207,228)
<br />329,291
<br />(507,554)
<br />$ (178,263)
<br />Schedule of Contributions
<br />Six Year Period
<br />Minnesota
<br />City
<br />Annual
<br />Percentage
<br />Net
<br />State Aid
<br />of Roseville
<br />Total
<br />Pension
<br />of APC
<br />Pension
<br />Year
<br />Contributions
<br />Contributions
<br />Contributions
<br />Cost (APC)
<br />Contributed
<br />Obligation
<br />2004
<br />$ 238,102
<br />$ 210,568
<br />$ 448,670
<br />$ 348,275
<br />128.8%
<br />$ (311,610)
<br />2005
<br />22703
<br />121,587
<br />348,670
<br />331,325
<br />105.2%
<br />(328,955)
<br />2006
<br />234,587
<br />114,083
<br />348,670
<br />285,912
<br />122.0%
<br />(391,713)
<br />2007
<br />200,220
<br />49,780
<br />250,000
<br />292,818
<br />85.4%
<br />(346, 242)
<br />2008
<br />171,025
<br />128,975
<br />300,000
<br />13808
<br />216.3%
<br />(507,554)
<br />2009
<br />143,353
<br />63,875
<br />207,228
<br />539,171
<br />38.4%
<br />(178,263)
<br />The Minnesota State Aid contribution to the Roseville Firefighter's relief association is recorded
<br />as a revenue and expense in the General fund of the City. The City's contribution to the Roseville
<br />Firefighter's relief association is also recorded as an expense in the General fund of the City. The
<br />Roseville Firefighter's relief association is comprised of volunteers who are not considered
<br />employees of the City of Roseville. Therefore, the City has no on- behalf payments of fringe
<br />benefits and salaries.
<br />D. Annual pension cost and net pension obligation
<br />The annual pension cost and net pension obligation for the current year were as follows:
<br />Annual required contribution
<br />Interest on net pension obligation
<br />Adjustment to annual required contribution
<br />Annual pension cost
<br />Contributions made
<br />Increase (decrease) in net pension obligation
<br />Negative net pension obligation beginning of year
<br />Negative net pension obligation end of year
<br />71
<br />$ 498,607
<br />(25,510)
<br />63,422
<br />536,519
<br />(207,228)
<br />329,291
<br />(507,554)
<br />$ (178,263)
<br />
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