06-06-2018 Council Packet - Laserfiche WebLink

Home Browse Search

(8) POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS City of Little Canada, by state statute, is required to offer certain employees who qualify for PERA retirement the option of purchasing health insurance through the City’s current plan. Retirees are required to reimburse the City for the entire premium cost. An Actuarial Valuation using the Alternative Measurement Method on the City’s implicit cost related to the benefit determined that any liability was determined to be immaterial. In 2014, the City converted from a vacation/sick leave benefit program to paid time off (PTO). Employees with remaining sick leave balances are eligible for a payout of those unused amounts upon termination of employment based on length of service. The maximum payout is 50% of the remaining balance not to exceed 42 days for an employee with at least 20 years of service. STATISTICAL SECTION The statistical section presents comparative statistical data for the past 10 years, and other pertinent information involving taxes, revenues, expenditures, and bonded debt. The unaudited data should be of interest to investors of City of Little Canada bonds, financial institutions, or others interested in financial statistics of municipal governments. The statistical section presents detailed information as a context for the reader to understand the City’s overall financial well-being. This detailed information is organized and presented in five categories: 1) Financial Trends – how the City’s financial performance has changed over time: 2) Revenue Capacity – indicates how the City’s major revenue source (property tax) has changed over time; 3) Debt Capacity – assess the City’s ability to issue future additional debt; 4) Demographic and Economic Information – presents the overall environment in which the City’s financial activities occur; and 5) Operating Information – indicates how the City’s financial report relates to the services and activities that the City provides. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The statistical data has been updated to conform to GASB pronouncement No. 44. Significant staff time has been invested modifying the statistical section to ensure that 10 years of statistical information is available.