My WebLink
|
Help
|
About
|
Sign Out
Home
2016 CAFR
Roseville
>
Budget
>
2016 CAFR
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/9/2018 4:17:59 PM
Creation date
2/2/2018 11:42:30 AM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
144
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br />C. Participants <br />As of the actuarial valuation dated January l, 2014, participants consisted o£ <br />Retirees and beneficiaxies currently <br />purchasing health insurance through the City 13 <br />Disabled police and fuefighters <br />Active Employees <br />Tota l <br />D. Funding Policy <br />146 <br />160 <br />The additional cost of using a blended rate for actives and retirees is currently funded on a <br />pay-as-you-go basis. The City Council may change the funding policy at any time. <br />E. Annual OPEB Cost and Net OPEB Obligation <br />The City's annual other post-employment benefit (OPEB) cost is calculated based on the annual <br />required contribution (ARC) of the employer, an amount actuarially determined in accordance <br />with the parameters of GASB Statement No. 45. The ARC represents a level of funcling that, if <br />paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded <br />actuarial liabilities (or funding excess) over a period not to exceed 30 years. The net OPEB <br />obligation as of December 31, 2016, was calculated as follows: <br />Annual required contribution $ 221,969 <br />Interest on OPEB obligation 45,325 <br />Adjustment to annualrequned contilbution (64,306) <br />Annual OPEB cost 202,988 <br />Contributions made (98,053) <br />Increase (decrease) in net OPEB obligation 104,935 <br />Net OPEB obligation beginning of year 1,007,223 <br />Net OPEB obligation end ofyear $1,ll2,158 <br />For the governmental activities, other post-employment benefits are generally liquidated through <br />the general fund. <br />The City first had an actuarial valuation performed for the plan as of January l, 2014 to determine <br />the funded status of the plan as of that date as well as the employer's annual required contribution <br />(ARC). As of December 31, 2016, the City's annual OPEB cost (expense) is $202,988. The <br />75 <br />
The URL can be used to link to this page
Your browser does not support the video tag.