Annual_Report_1984_001 - Laserfiche WebLink

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