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CITY OF ROSEVILLE, MINNESOTA
<br />NOTES TO FINANClAL STATEMENTS
<br />December 31, 2014
<br />Under state statutes, if the City fails to provide the required funding, the Association may
<br />submit a levy to the county auditor in an amount equal to the city requirement, to be levied on
<br />all property within the city. A six year schedule of contributions follows:
<br />Year
<br />2009
<br />2010
<br />2011
<br />2012
<br />2013
<br />2014
<br />Schedule of Contributions
<br />SiY Year Period
<br />Minnesota City Annual
<br />State Aid of Roseville Total Pension
<br />Contnbutions Contnbutions Contnbutions Cost (APC)
<br />$ 143,353
<br />148,002
<br />145,733
<br />147,754
<br />209,011
<br />266,800
<br />$ 63,875
<br />216,500
<br />166,284
<br />205,630
<br />89,221
<br />72,817
<br />$ 207,228
<br />364,502
<br />312,017
<br />353,384
<br />298,232
<br />339,617
<br />$ 539,171
<br />365,932
<br />326,076
<br />312,995
<br />194,372
<br />124,489
<br />Percentage
<br />ofAPC
<br />Contnbuted
<br />38.4%
<br />99.6%
<br />95.7%
<br />112.9%
<br />153.4%
<br />272.8%
<br />N et
<br />Pension
<br />Obligation
<br />$ (178,263)
<br />(176,833)
<br />(162,774)
<br />(203,163)
<br />(307,023)
<br />(522,151)
<br />The Minnesota State Aid contribution to the Roseville Firefighter's relief association is
<br />recorded as a revenue and expenditure in the General fund of the Ciry. The Ciry's
<br />contribution to the Roseville Firefighter's relief association is also recorded as expenditure in
<br />the General fund of the City. The Roseville Firefighter's relief association is comprised of
<br />volunteers who are considered non-benefit earning employees of the City of Roseville.
<br />Therefore, the Ciry has no on-behalf payments of fringe benefits and salaries.
<br />D. Annual pension cost and net pension obligation
<br />The annual pension cost and net pension obligation for the current year were as follows:
<br />Annual required contnbution
<br />Interest on net pension obligation
<br />Adjustment t� annual required contribution
<br />Annual pension cost
<br />Contributions made
<br />Increase (decrease) in net pension obligation
<br />Negative net pension obfigation beginnuig ofyear
<br />Negative net pension obligation end of year
<br />$ 115,204
<br />(15,351)
<br />24,636
<br />124,489
<br />(339,617)
<br />(215,128)
<br />(307,023)
<br />$ (522,151)
<br />The annual required contribution was determined as part of the January 1, 2014 actuarial valuation.
<br />The actuarial assumptions included (a) 5% investment rate of return (net of administrative expenses);
<br />(b) a mortality table of the 1983 Group Annuity Mortality Table for Males and Females; (c)
<br />termination of 6 percent rate from age 20-30, grading to no terminations after age 50. In addition,
<br />20% of employees are assumed to terminate during each of the first three years of their employment;
<br />(d) disability rates based upon 75 percent of the Railroad Retirement Board Disability Rates; (e) entry
<br />age actuarial cost method based upon age on employment date; (g) retirement age based upon the
<br />65
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