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2016 CAFR
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2016 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br />2016, as pension expense (and grant revenue) for its proportionate share of the State of <br />Minnesota's on-behalf contributions to the Police and Fire Fund. Legislation passed in 2013 <br />required the State of Minnesota to begin contributing $9 million to the Police and Fire Fund <br />each year, starting in fiscal year 2014. <br />At December 31, 2016, the City reported its proportionate share of the Police and Fire Plan's <br />deferred outflows of resources and deferred inflows of resources related to pensions from the <br />following sources: <br />Differences between expected and actual economic experiences <br />Changes m acturial assumptions <br />Differences between projected and actual mvestment earnings <br />Deferred <br />Outflows of <br />Resources <br />$ - <br />11,286,075 <br />3,129,562 <br />Deferred <br />Inflows of <br />Resources <br />$ 2,352,580 <br />Changes in proportion 159,541 14,895 <br />Contrbutions paid to PERA subseguent <br />to the measurement date 412,816 - <br />$ 14,987,994 $ 2,367,475 <br />$412,816 reported as deferred outflows of resources related to pensions resulting froin City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net <br />pension liability in the year ended December 31, 2017. Other amounts reported as deferred <br />outflows and inflows of resources related to pensions will be recognized in pension expense <br />as follows: <br />Year Ended Pension Expense <br />December 31, Amount <br />2017 $ 2,622,832 <br />2018 2,622,832 <br />2019 2,622,841 <br />2020 2,369,929 <br />2021 1,969,269 <br />Therea$er - <br />Total $ 12,207,703 <br />E. Actuarial Assumptions <br />The total pension liability in the June 30, 2016, actuarial valuation was determined using the <br />entry age normal actuarial cost method and the following actuarial assumptions: <br />Inflation <br />Active Member Payroll Growth <br />Investment Rate of Return <br />•• <br />2.50% Per Year <br />3.25% Per Year <br />7.50% <br />
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