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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br /> <br /> <br /> <br />(63) <br /> <br />NOTE 8 DEFINED CONTRIBUTION PLANS (CONTINUED) <br />B. Additional Defined Contribution Plans <br />In addition to PERA, the City Administrator is also covered by a defined contribution plan <br />administered by ICMA Retirement Corporation. The plan is a tax qualified plan under <br />Section 457 of the Internal Revenue Code and all contributions by or on behalf of the <br />employee are tax deferred until time of withdrawal. <br /> <br />The City is required through terms of the Administrator’s employment agreement to <br />contribute $5,000 annually. Plan provisions and contribution requirements are <br />established and may be amended by the City Council. Employer contributions were <br />$5,000 for the year ended December 31, 2015. <br /> <br /> <br />NOTE 9 OTHER POSTEMPLOYMENT BENEFITS <br />The City does not provide postemployment benefits other than permitting retired employees <br />to continue in the City’s group health insurance plan, as required by Minnesota Statutes. <br />The retiree is required to pay 100% of the premium. The premium charged is a single <br />common premium for both active and retired employees. This practice has the potential to <br />create an OPEB liability based on the theory that retirees have higher utilization of health <br />care benefits than active employees (implicit rate subsidy). <br /> <br />The City has determined the liability resulting from an implicit rate subsidy is not material <br />and, therefore, not included in these financial statements. <br /> <br /> <br />NOTE 10 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS <br />The City had the following interfund transfers: <br /> <br /> Water/Sewer City <br />General General Capital Equipment Maintenance Other <br />Fund Improvements Replacement Garage Governmental Total <br />Transfer Out: <br />General Fund -$ 206,153$ -$ -$ -$ 206,153$ <br />Rice/LC Road Development 6,568 - - - 320,750 327,318 <br />Infrastructure CIP - 6,409 - - 104,981 111,390 <br />TIF #5-1 St. Jude 5,895 - - - 156,583 162,478 <br />TIF #6-1 6,224 - - - - 6,224 <br />Water/Sewer Equip. Replacement - - - 482,888 277,954 760,842 <br />Water Fund - - 200,000 - - 200,000 <br />Sewer Fund - - 100,000 - - 100,000 <br />Nonmajor Fund 81,712 - - - - 81,712 <br />Total 100,399$ 212,562$ 300,000$ 482,888$ 860,268$ 1,956,117$ <br />Transfer In <br />