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Annual_Report_1984_001
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Annual_Report_1984_001
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) <br />DECEMBER 31, 1984 <br />Note 5 - Lon�-Term Debt (Continued) <br />Bonded debt outstanding at the end of the year is summarized as follows: <br />General Obligation Sond <br />General Obligation Improvement <br />(Special Assessmentj Bonds <br />Golf Course General Obligation <br />Revenue Bonds <br />Ice Arena General Obligation <br />Revenue Bonds <br />TOTAL <br />Note 6 - Pension Plans <br />Maturities <br />1985-1995 <br />1985-2000 <br />1985-1987 <br />1985-1990 <br />Net <br />Interest <br />Rates <br />6.54; <br />4.07 - 8.41 <br />4.27 <br />4.72 <br />Balance <br />December 31, <br />1984 <br />$ 530,000 <br />12,155,000 <br />45,000 <br />150,000 <br />$12,880,000 <br />The City is involved in three pension plans, with other agencies being responsible for the <br />administration of each plan. The City is making all pension contributions as required by <br />law. ' <br />Roseville Volunteer Firemen's Relief Association - The Association is an independent <br />body that administers a pension plan for 72 active members. State aid to the <br />Association was $76,348 in 1984. The money received was in excess of the required <br />State statutory contribution necessary for this year's normal cost and the unfunded <br />accrued liability. The actual liability exceeds pension fund assets by $309,671 on <br />December 31, 1984. This unfunded accrued liability is being amortized over 20 years, <br />the minimum allowable by State statute. The most recent actuarial valuation was on <br />December 31, 1982. State statute requires an actuarial valuation very four years. <br />Public Employee Retirement Association - All permanent City employees are covered by <br />the Public Employee Retirement Association (PERA) which is a State-wide plan and is <br />administered by an independent agency of the State of Minnesota. The City's <br />contribution ranges from 4.25% to 12% of its employees' wages, and the rate is <br />determined by the particular plan the employee belongs to. The cost of PERA in 1983 <br />and 1984 was $235,833 and $239,080, respectively. State law provides that the City <br />contribute an amount that will fund the current year costs as they accrue and to fund <br />the amortization of prior service cost with full funding required by the year 2009. <br />According to the latest PERA annual report, the unfunded accrued liability was <br />$635,199,319 as of 7une 30`, 1984. The amount of unfunded prior service cost for each <br />governmental unit served by PERA is not available. <br />Federal Insurance Contribution Act (Social Security) - Approximately 60% of the <br />permanent City employees are covered by Social Security. The 1983 contribution rate <br />was 6.70% on $35,700 in wages, and the 1984 contri6ution rate was 6.70� on $37,800 in <br />wages. The cost of Social Security in 1983 and 1984 was $90,486 and $98,777, <br />respectively. <br />
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