Laserfiche WebLink
CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2017 <br /> <br /> <br /> <br />(65) <br /> <br />NOTE 8 DEFINED CONTRIBUTION PENSION 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 />Plan provisions and contribution requirements are established and may be amended by <br />the City Council. For fiscal year 2017 the City was not required to make any <br />contributions to the plan and there were no City contributions to the plan for the year <br />ended December 31, 2017. <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 <br />General Equipment Infrastructure Other <br />Fund Replacement CIP Governmental Total <br />Transfer Out: <br />General Fund -$ -$ -$ 513,788$ 513,788$ <br />Rice/LC Road Development 7,063 - - 290,065 297,128 <br />Infrastructure CIP - - - 30,158 30,158 <br />TIF #6-1 3,606 - - - 3,606 <br />Water/Sewer Equip. Replacement - - 81,307 229,865 311,172 <br />Other Governmental 91,339 - - 165,869 257,208 <br />Water Fund - 200,000 - - 200,000 <br />Sewer Fund - 100,000 - - 100,000 <br />Total 102,008$ 300,000$ 81,307$ 1,229,745$ 1,713,060$ <br />Transfer In <br />