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CITY OF ROSEVILLE, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION NOTES TO RSI December 31, 2023 Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America for the governmental funds classified as the general fund and special revenue funds. No budgets are prepared for other governmental funds which include the debt service and capital projects. All annual appropriations lapse at fiscal year-end. On or before mid-May of each year, all departments and agencies of the City submit requests for appropriations to the City's manager so that a budget may be prepared. Before September 15, the proposed budget is presented to the city council for review and approval. By September 15, the proposed budget and tax levy must be submitted to the county auditor. The Council holds public hearings and a final budget and tax levy must be prepared, adopted and submitted to the county auditor, no later than December 28. The appropriated budget is prepared by fund, function and department. The City's department heads may make transfers of appropriations within the same fund, which only requires the approval of the City's manager, and does not require Council approval. Transfers of appropriations between funds require the approval of the Council. The legal level of budgetary control (i.e. the level at which expenditures may not legally exceed appropriations) is at the fund level. Note A LEGAL COMPLIANCE Î BUDGETS The General Fund budget is legally adopted on a basis consistent with accounting principles generally accepted in the United States of America. The legal level of budgetary control is at the department level for the General Fund and the fund level for certain Special Revenue Funds. Expenditures occurred in excess of appropriations in the following funds: General fund exceeded the budget by $9,936. However, actual revenue exceeded the budget by $2,628,160. Telecommunications fund exceeded the budget by $9,351. Note B PENSION INFORMATION PERA Î General Employees Retirement Fund 2023 Changes in Actuarial Assumptions: The investment return assumption and single discount rate were changed from 6.50% to 7.00%. 2023 Changes in Plan Provisions: An additional one-time direct state aid contribution of $170.1 million was contributed to the Plan on October 1, 2023. The vesting period of those hired after June 30, 2010, was changed from five years of allowable service to three years of allowable service. The benefit increase delay for early retirements on or after January 1, 2024, was eliminated. A one-time, non-compounding benefit increase of 2.50% minus the actual 2024 adjustment will be payable in a lump sum for calendar year 2024 by March 31, 2024. 2022 Changes in Actuarial Assumptions: The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021. 2021 Changes in Actuarial Assumptions: The investment return and single discount rates were changed from 7.50% to 6.50% for financial reporting purposes. 95 Qbhf!227!pg!494