|
C[TY OF ROSEVILLE MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DELEMBER 37. 1992
<br />Note 9- Sinate Emplover Defined Benefit Pension Plen - Volunteer Fire Relief Association (ConSinued
<br />Contributions Reouired and Contributions Made
<br />Finencial requirmients ot the relief association are determined on an actuarial basis using the entry
<br />ege normat actuarial tost method. Normel tost is funded on a current basis. The unfunded actuariaL
<br />accrued liability is to be tunded by December 31, 2010. The City's minim�m obtigation is the financiaL
<br />requirement for the year less enticipated member contributions end state aids. Any additional payments
<br />by the City shatt be used to amortize the unfunded tiability of the reLief assotiation. The funding
<br />strategy for normal cost and the unfunded ectueriat accrued liabitity should provide sufficient resources
<br />to pay relief essocietion benefits on a timely basis.
<br />Total co�tributions to the retief assotiation in 7992 emounted to E176,397, of which S22,000 uas made by
<br />the City of Rosevilte. The contributed amounts uere actuarially determined as described above and were
<br />based on an attuarial valuation as of Jen�ary t, 7997. The contributions represent tunding for normal
<br />cost E97,727 and the amortizetion of the unfunded ectuarial eccrued liebility is E4Z,327. Contributions
<br />made by the City of Roseville represent 8.3 percent of covered payroll for the year. The state aid
<br />received in 7992, the City�s contribution, plus excess plan interest earnings exteeded current cost and
<br />amortization of the unfunded portion.
<br />Significant attuarial assunptions used to caipute pension contribution requirements are substentiaLty the
<br />same as those used to determi�e the standarized measure of the pension obli9ation.
<br />The computation of the pension contribution requiremenis for 7992 uas based on the seme ectuarial
<br />essunptions, benefit provision, ectuarial funding method, and other significant factors used to determine
<br />pension contribution requirements in previous years.
<br />Ten Year Historicel Trend Informetion Nneudited)
<br />Ten-year historical trend information reteted to the pension plan is presented in the relief associations annuat
<br />financial report. The informetion is presented to eneble the reader to assess the progress mede by the
<br />Roseville Fire Fighter�s Relief Association in accufxiLating sufficient essets to pay pension benefits as they
<br />become due. [nformation prior to 1987 is not evaitable, houever, for the five years ended 1987, 1988, 1989, 1991
<br />and 1992 respectivety, available assets uere sufticient to fund 65.3%, 71.2%, 78.8Y., 92.5%, 90.8Y, and 93.6ti of
<br />the pension benefit obligation. UnfuMed pension benefit obligation represented 371.7%, 296.4%, 197.9�, 62.3%,
<br />84.4k and 67.7 �6 of the ennuat payroll for employees covered by the Rosevitle Volunteer Fire Relief Association
<br />tor 1988, 1989, 1990, 1991 end 1992 respectively. Shouing unfunded pension benefit obtigation es a percentage
<br />of annuat covered payroll approximetely edjust for the etfects of inflation for anatysis purposes. In
<br />addition, for the five years ended 1987, 1988, 7989, 1990, 1991,and 7992 the City's contributions to the System,
<br />ell made in accordance uith actuarialty determined requirements, uere D.DO%, 71.2R, 8.1, 2.9�, 7.9%, and 8.3%
<br />respectively of annuat covered payroLL.
<br />Note 10 - lnterfund Pevables and Receivabtes
<br />The City uses the pooled investment method for most of it's cesh management program (See note 3). Interfund
<br />payabtes and receivables created by the pooled investment program as of December 31, 1992 consists of the
<br />follouing:
<br />Fund
<br />Debt Service -
<br />General t�rovement
<br />City Hall Bonds
<br />Cepitel Projects -
<br />Permanent Improvements
<br />Econanic Increments
<br />Enterprise -
<br />Recycling Furd
<br />Speciel Revenue
<br />Recreation Fund
<br />Telecamunications
<br />fund
<br />General Fund
<br />Totals
<br />43
<br />Interfund
<br />Receivable
<br />962,545
<br />46,000
<br />7,000,000
<br />E 20,613
<br />52.029,158
<br />Interfund
<br />Pevable
<br />8 962,545
<br />9,303
<br />i
<br />7,000,000
<br />2,941
<br />3,405
<br />50,964
<br />E2.029.158
<br />
|