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CITY OF ROSEVILLE, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS (CONTZNUHD) D�CEMBER 31. 1981 Note 5 - Pension Plans (Conti Public �mployee Retirzment Association - All permanent City employees are covered by the Publi.c Employee Retirement Association (PERA) which is a state-wide plan and is administered by an independent agency of the State of Minnesota. The City's contribution ranges from 5.5% to 12% of its employees' wages, and the rate is determined by the particular plau the employee belongs to. The cost of PERA in 1980 and 1981 was $194,852 and $211,134 respectively. State 1aw provides that the City contribute an amount that wi11 fund the current year;:costtias they accrue and to fund�the amortization of prior service cost with full fundiag required by the year 2009. According to the latest PERA annual report the unfunded accrued liability was $346,835,789 as of June 30, 1981. The amount of unfunded prior service cost for each governmental unit served by PERA is not available. . F'ederal Insurance Contribution Act-(Social Security) - Approximately 60% of the _ permanent City employees are covered 'oy Social Security. The 1980 contribution rate was 6.13% on $25,900 in wages and the 1981 contribution rate was 6.65% on $29,700 in wages. The cost of Social Security in 1980 and 1981 was $64,509 and $77,277 respectively. Note 6- Metropolitan Waste Control Commission The sanitary sewer balance sheet indicates a$58,920 current receivable due,�with $11,629 of this amount being a credit for the final 1980 cost allocatio❑ for sewer �� service charges. This amount will be received by the City...in 1982 as a reduction in the initial cost allocation for sewer service charges�.�'- The additional current and long-term receivables and deferred credits in the total amount of $1,308,625 as shown on the balance sheet is the City's share of equity in the sewer system which was acquired by the Commission on January l, 1971. This /��, `�:amount is being credited against the City's annual sewer service charge in equal ' annual installments of $99,636 through the year 2000. ote 7 - Fund Deficits Special Assessmeat Debt Service - The special assessment fund has a deficit balance -� of $2,177,649 as of December 31, 1981. The deficit represents the unfunded portion for the City's share of improvement costs. It is the intention of the City to reduce . this deficit through annual tax levies. Taxes of $673,250 have been levied for �. collection in 1982 to reduce the deficit. The resolutions, adopted by Council, authorizing the issuance of the general obligation improvement (special assessment) ��. bonds set forth deLerred tax levies which� are to be levied annually. These levies '. may be reduced or cancelled only in accordance with the provisions of Minnesota ' Statutes. The deferred tax levies are not reflected in the financial statements as of December 31, 1981. The total amount oI the deferred tax levies as of December 31, 1981 are $7,389,000. Recreation Fund - The fund balance deficit of $16,305 is expected to be eliminated by future tax levies.� 36