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2001 CAFR
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2001 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br />NOTE 5 - OTHER INFORMATION (Continued) <br />C. Employee retirement systems and pension plans (Continued) <br />2. Single employer defined benefit pension plan - volunteer fire relief association (Continued) <br />b. Funding policy <br />Minnesota Statutes Chapter 424A sets out the employer requirements for contributions. The <br />annual employer contribution level for any given yeaz is a combination of the normal cost for <br />that yeaz and an amount to reduce the unfunded actuarial liability. The minimum obligation <br />is the normal cost plus the amount needed to amortize fully the unfunded liability. The City <br />funding requirements equal the minimum obligation less the Minnesota State fire aid. Under <br />state statutes, if the City fails to provide the requirea funding, the Association may submit a <br />levy to the county auditor in an amount equal to the city requirement, to be levied on all <br />property within the city. A six year schedule of contributions are set out below. <br />Year <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br />2001 <br />Minnesota <br />State Aid <br />Contributions <br />$ <br />125,046 $ <br />120,470 <br />125,126 <br />127,393 <br />132,626 <br />134,220 <br />Schedule of Contributions <br />Six Year Period <br />City of Roseville <br />Contributions <br />211,116 <br />139,977 <br />165,690 <br />125,000 <br />100,000 <br />100,000 <br />Total Percent <br />Contributions Contributed <br />$ 336,162 100% <br />260,447 100% <br />290,816 100% <br />252,393 100% <br />232,626 100% <br />234,220 100% <br />The Roseville Firefighters' Relief Association is comprised of volunteers, therefore, there are no <br />payroll expenditures, nor covered payroll expenditure calculations. <br />
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