Laserfiche WebLink
CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2018 <br /> <br /> <br /> <br />(63) <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 Other <br />Fund Replacement Governmental Total <br />Transfer Out: <br />General Fund -$ -$ 4,500$ 4,500$ <br />Rice/LC Road Development 5,655 - 286,580 292,235 <br />Infrastructure CIP - - 14,088 14,088 <br />Water/Sewer Equip. Replacement - - 227,070 227,070 <br />Other Governmental 94,628 - 252,897 347,525 <br />Water Fund - 200,000 - 200,000 <br />Sewer Fund - 100,000 - 100,000 <br />Total 100,283$ 300,000$ 785,135$ 1,185,418$ <br />Transfer In <br />