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CITY OF ROSEVILLE, MINNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> December 31, 2016
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<br /> City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net
<br /> OPEB obligation for 2016 was as follows:
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<br />Annual Percentage Net
<br />Fiscal OPEB Employer of Annual OPEB OPEB
<br />Year Ended Cost Contributions Cost Contributed Obligation
<br />2009 234,937$ 119,317$ 50.8% 244,063$
<br />2010 232,654 125,980 54.1% 350,737
<br />2011 215,574 101,582 47.1% 464,729
<br />2012 213,503 68,009 31.9% 610,223
<br />2013 210,809 77,705 36.9% 743,327
<br />2014 208,854 66,169 31.7% 886,012
<br />2015 205,856 84,647 41.1% 1,007,221
<br />2016 202,988 98,053 48.3% 1,112,158
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<br />F. Funded Status and Funding Progress
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<br /> The City has no assets that have been irrevocably deposited in a trust for future health benefits;
<br /> therefore, the actuarial value of assets is zero. The funded status of the plan was as follows:
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<br />Unfunded UAAL as
<br />Actuarial Actuarial Actuarial Annual a Percentage
<br />Valuation Actuarial Accrued Accrued Funded Covered of Annual
<br />Date Value of Assets Liability (AAL)* Liability (UAAL) Ratio Payroll Covered Payroll
<br />January 1, 2008 -$ 1,833,845$ 1,833,845$ 0% 9,528,355$ 19.2%
<br />January 1, 2011 -$ 1,709,742$ 1,709,742$ 0% 10,169,482$ 16.8%
<br />January 1, 2014 -$ 1,772,661$ 1,772,661$ 0% 10,706,122$ 16.6%
<br /> *Using the projected unit credit actuarial pay cost method.
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<br />G. Actuarial Methods and Assumptions
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<br /> Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
<br /> assumptions about the probability of occurrence of events far into the future. Examples include
<br /> assumptions about future employment, mortality and the health care cost trend. Amounts
<br /> determined regarding the funded status of the plan and the annual required contributions (ARC)
<br /> of the employer are subject to continual revision as actual results are compared with past
<br /> expectations and new estimates are made about the future. The schedule of funding progress,
<br /> presented as required supplementary information following the notes to financial statements,
<br /> presents multi-year trend information that shows whether the actuarial value of plan assets is
<br /> increasing or decreasing over time relative to the actuarial accrued liabilities for benefits.
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<br />Item 8: Attachment D
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