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CITY OF ROSEVILLE, PffNNESOTa
<br />NOTES TO 'i`AE FINANCIAL STATE�NTS (CONTINC�ED)
<br />DECEMBER 31, 1980
<br />Note 4 - Fixed Assets (Continued)
<br />Changes in Enterprise Fuad Fixed Assets during 1980 o,ere as follo;os:
<br />Land
<br />Building and structures
<br />.Furniture, equipment,
<br />vehicles
<br />Distribution system
<br />Construction in progress
<br />Tota1 � , r,.
<br />Note 5 - Pension Plans
<br />Balance
<br />January 1,
<br />1980 Additions
<br />$ 405,803
<br />1,626,617 $ 4,792
<br />1,051,984
<br />15,553,196
<br />91,181
<br />$18 728 781
<br />84,329
<br />142,755
<br />2,315
<br />$ 234,191
<br />Disposal
<br />$ 36,898
<br />79,336
<br />S 116.�34
<br />Balance
<br />December 31,
<br />1980
<br />S 405,503
<br />1,631,409
<br />1,099,415
<br />15,695,951
<br />14,160
<br />518,846.738
<br />Th'= '. �.. _.. ��v.�� �'�•�:-._ r...__ 'ai�.�: .1_ ._:. z��,encies bein� resp^ns;.S12 :or
<br />the adminiscration of each pian. The Cicy is mai;iag aii oension contributions as
<br />required by 1aw.
<br />Roseville Volunteer Firemen's Relief Association - The �ssociation is an independent
<br />body that administers a pension plan for 74 active members. State aid to the Association
<br />was $65,685, and the City contributed $7,000 in 1980. The money received was in z:tcess
<br />of the required statutory contrioution necessary for this year's normal cost and the
<br />unfunded accrued liability. The actual liability exceeeed pension _und assets by
<br />$224,463 on December 31, 1979. This unfunded accrued liability is being amortized
<br />over 20 years, the minimum allowaoie by State statute. The r�ost recent actuarial
<br />valuation was as of December 31, 1978. State statute rzquires an actuarial vatuation
<br />every iour years.
<br />Public Emplovee Retirement Association - A11 permanent City employees are covered by
<br />the Public Employee Reitrement Association (PERA) which is a state-wide plan and is
<br />administered by an independent agency of the State of :finnesota.
<br />The City's contribution ranges from 5.5% to 12% of its employees' �aages, and the
<br />rate is determined by the particular plan the employee belongs to. The cost of PERA
<br />in 1979 and 1980 was $189,949 and $194,852 respectivelp. State law provides that the
<br />City contribute an amount that will fund the current yzar cost as they accrue and to
<br />fund the amortization of prior service cost with-full �unding required by the year
<br />2009. According to the latest PERA annual report the unfunded accrued liability was
<br />$361,522,181 as of June 30, 1980. The amount of unfunded prior ser�ice cost for each
<br />governmental unit served by PERA is not available.
<br />Federal Insurance Contribution Act (Social Security) - Approximately 60% of the perm-
<br />anent City employees are covered by Social Security. The 1979 contribution rate was
<br />6.13% on $22,900 in wages and the 1980 contribution rate was 6.13% on $25,900 in wages.
<br />The cost of Social Security in 1979 and 1980 was $62,324 and $64,509 respectively.
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