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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2023 <br />This statement requires that a liability for claims be reported if information prior to the issuance of the <br />financial statements indicates it is probable that a liability has been incurred at the date of the financial <br />statements and the amount of the loss can be reasonably estimated (IBNR). Changes in the funds' <br />claims liability amount in fiscal 2022 and 2023 were: <br /> <br />Worker's Compensation Fund <br />Current Year <br />Beginning of Claims and <br />Fiscal Year Changes in Ending of Fiscal <br />YearLiability estimates Claims Payment Year Liability <br />2022$ 103,542$ 535,943$ 606,469$ 33,016 <br />2023$ 33,016$ 273,489$ 129,472$ 177,033 <br />Risk Management Fund <br />Current Year <br />Beginning of Claims and <br />Fiscal Year Changes in Ending of Fiscal <br />YearLiability estimates Claims Payment Year Liability <br />2022$ 218,639$ (66,967)$ 117,597$ 34,075 <br />2023$ 34,075$ 166,500$ 23,684$ 176,891 <br /> <br /> <br /> <br /> <br />B. Contingent liabilities <br /> <br />The City had the usual and customary types of miscellaneous claims pending at year-end mostly of a <br />minor nature, and usually all covered by insurance carried for that purpose or the City has reserved for <br />settlement. The City also carries personal injury insurance against suits for false arrest, libel, slander, <br />violation of privacy, wrongful entry, etc. which can arise from enforcement of the city code and general <br />laws. Although the outcome of these lawsuits is not presently determinable, in the opinion of the <br />governmentÓs legal counsel the resolution of these mater will not have a material adverse effect on the <br />financial condition of the government. <br /> <br />C. Employee retirement systems and defined benefit pension plans <br /> <br />1. Public EmployeesÓ Retirement Association <br /> <br />A. Plan Description <br /> <br />The City participates in the following cost-sharing multiple-employer defined benefit pension plans <br />administered by the Public Employees Retirement Association of Minnesota (PERA). PERAÓs <br />defined benefit pension plans are established and administered in accordance with Minnesota <br />Statutes, Chapters 353 and 356. PERAÓs defined benefit pension plans are tax qualified plans under <br />Section 401(a) of the Internal Revenue Code. <br /> <br />65 <br />Qbhf!97!pg!494 <br /> <br />