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CCP 06202022
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CCP 06202022
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8/11/2022 12:08:27 PM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
6/20/2022
Meeting Type
Regular
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CITY OF ROSEVILLE, MINNESOTA <br />REQUIRED SUPPLEMENTARY INFORMATION <br />NOTES TO RSI <br />December 31, 2021 <br />Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States <br />of America for the governmental funds classified as the general fund and special revenue funds. No budgets are <br />prepared for other governmental funds which include the debt service and capital projects. All annual appropriations <br />lapse at fiscal year-end. <br />On or before mid-May of each year, all departments and agencies of the City submit requests for appropriations to <br />the City's manager so that a budget may be prepared. Before September 15, the proposed budget is presented to <br />the city council for review and approval. By September 15, the proposed budget and tax levy must be submitted to <br />the county auditor. The Council holds public hearings and a final budget and tax levy must be prepared, adopted <br />and submitted to the county auditor, no later than December 28. <br />The appropriated budget is prepared by fund, function and department. The City's department heads may make <br />transfers of appropriations within a fund with approval of the City's manager, without Council approval. Transfers <br />of appropriations between funds require the approval of the Council. The legal level of budgetary control (i.e. the <br />level at which expenditures may not legally exceed appropriations) is at the fund level. <br />For 2021 a budget was not adopted for the American Rescue Plan Act (ARPA) fund because the federal grant was <br />not awarded until the third quarter of 2021. The City did not feel it was necessary to adopt an amended budget as <br />the finance department was responsible for insuring all expenditures were in compliance with the grant guidelines. <br />Note A LEGAL COMPLIANCE – BUDGETS <br />The General Fund budget is legally adopted on a basis consistent with accounting principles generally accepted in the <br />United States of America. The legal level of budgetary control is at the department level for the General Fund and the <br />fund level for certain Special Revenue Funds. <br />ON INFORMATION <br />Note B PENSI <br />eneral Employees Retirement Fund <br />PERA – G <br />2021 Changes in Actuarial Assumptions: <br />The investment return and single discount rates were changed from 7.50% to 6.50% for financial reporting <br />purposes. <br />The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020. <br />2020 Changes in Actuarial Assumptions: <br />The price inflation assumption was decreased from 2.50% to 2.25%. <br />The payroll growth assumption was decreased from 3.25% to 3.00%. <br />Assumed salary increase rates were decreased 0.25% and assumed rates of retirement were changed <br />resulting in more unreduced (normal) retirements and slightly fewer Rule of 90 and early retirements. <br />Assumed rates of termination and disability were also changed. <br />Base mortality tables were changed from RP-2014 tables to Pub-2010 tables, with adjustments. <br />The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019. <br />The spouse age difference was changed from two years older for females to one year older. <br />The assumed number of married male new retirees electing the 100% Joint & Survivor option changed <br />from 35% to 45%. The assumed number of married female new retirees electing the 100% Joint & <br />Survivor option changed from 15% to 30%. The corresponding number of married new retirees electing <br />the Life annuity option was adjusted accordingly. <br />92 <br /> <br />
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