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2016 CAFR
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2016 CAFR
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CTTY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br />Projections of benefits for financial reporting purposes are based on the substantive plan (the plan <br />as understood by the employer and plan members) and include the types of benefits provided at <br />the time of each valuation and the historical pattern of sharing of benetit costs between the <br />employer and plan members to that point. The actuarial methods and assumptions used include <br />techniques that are designed to reduce the effect of short-term volatility in actuarial accrued <br />liabilities and the actuarial value of assets, consistent with the long-term perspective of the <br />calculations. <br />In the January 1, 2014 actuarial valuation, the projected unit credit actuarial cost method was <br />used. The actuarial assumptions included a 4.5% investment rate of return (net of investment <br />expenses), salary increases of 3.0% (only used to bring salaries into the valuation year) and an <br />initial annual health care cost trend rate of 7.5% reduced by .25% each year to arrive at an <br />ultimate health care cost trend rate of 5.0% over 10 years. The health care cost trend rate includes <br />a 2.5% inflation rate. The actuarial value of assets was $0. The plan's unfunded actuarial <br />accrued liability is being amortized using the level percentage of projected payroll method over <br />30 years on a closed basis. The remaining amortization period at December 31, 2015, is 22 <br />years. <br />Note 6 PRIOR PERIOD ADJUSTMENT AND CHANGE IN ACCOUNTING PRINCIPLE <br />Prior Period Adjustment <br />The government-wide and proprietary-fund financial statements were adjusted for an error in <br />earned revenue for $154,650, which was determined to be unearned as of December 31, 2016. <br />The unearned grant funds were returned to the granting agency in 2016. <br />The government-wide and proprietary fund statements were adjusted for the errors indicated <br />above. <br />A summary of the corrections to net position are as follows: <br />Net position, January 1 <br />Net position increase (decrease): <br />Overstated revenue correction <br />Net position, January 1, as restated <br />Government-Wide <br />Business-Type <br />Activities <br />Proprietary Funds <br />Storm <br />Drainage <br />$ 30,859,340 $ <br />(154,650) <br />9, ll 2,697 <br />154,650 <br />$ 30,704,690 $ 8,958,047 <br />77 <br />
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