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CITY OF ROSEVILLE, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2016
<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:
<br />Fiscal
<br />Year Ended
<br />2009
<br />2010
<br />2011
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />Annual
<br />OPEB
<br />Cost
<br />$ 234,937
<br />232,654
<br />215,574
<br />213,503
<br />210,809
<br />208,854
<br />205,856
<br />202,988
<br />Employer
<br />Contnbutions
<br />$ 119,317
<br />125,980
<br />101,582
<br />68,009
<br />77,705
<br />66,169
<br />84,647
<br />98,053
<br />F. Funded Status and Funding Progress
<br />Percentage Net
<br />ofAnnuaIOPEB OPEB
<br />Cost Contr�buted Obligation
<br />50.8% $ 244,063
<br />54.1%
<br />47.1 %
<br />31.9%
<br />36.9%
<br />31.7%
<br />41.1%
<br />48.3%
<br />350,737
<br />464,729
<br />610,223
<br />743,327
<br />886,012
<br />1,007,221
<br />1,112,158
<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:
<br />Unfunded UAAL as
<br />Actuarial Actuarial Actuarial Annual a Percentage
<br />Valuation Actuarial Accrued Accrued Funded Covered of Annual
<br />Date Value ofAssets 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.
<br />G. Actuarial Methods and Assumptions
<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 subj ect 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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