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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report
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12/31/2014
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />Note 6 DEFINED BENEFIT PENSION PLANS — STATEWIDE (CONTINUED) <br />B. FUNDING POLICY <br />Minnesota Statutes, Chapter 353 sets the rates for employer and employee contributions. These statutes are <br />established and amended by the state legislature. The City makes annual contributions to the pension plans <br />equal to the amount required by state statutes. GERF Basic Plan members and Coordinated Plan members <br />are required to contribute 9.10% and 6.25% respectively, of their annual covered salary. PEPFF members <br />were required to contribute 9.6% of their annual covered salary. The City is required to contribute the <br />following percentages of annual covered payroll: 11.78% for Basic Plan members, 7.25% for Coordinated <br />Plan members, and 14.4% for PEPFF members. The City's contributions to the General Employees <br />Retirement Fund for the years ended December 31, 2014, 2013, and 2012 were $162,934, $160,392, and <br />$164,317, respectively. The City's contributions to the Public Employees Police & Fire Fund for the years <br />ended December 31, 2014, 2013, and 2012 were $314,426, $290,737, and $315,541, respectively. The <br />City's contributions were equal to the contractually required contributions for each year as set by state <br />statute. <br />Note 7 METROPOLITAN COUNCIL ENVIRONMENTAL SERVICES <br />During 1971, the Metropolitan Waste Control Commission (MWCC) was organized to provide for consolidation of <br />the sanitary sewer collection, treatment and disposal in the seven county metropolitan area surrounding Minneapolis <br />and St. Paul. Previously, these operations were maintained by the city governments on an individual or collective <br />basis. The MWCC merged with the Metropolitan Council during 1994 to form Metropolitan Council Wastewater <br />Services (MOWS) and is now called the Metropolitan Council Environmental Services (MCES). The MCES bills <br />the City annually based upon estimated volume and budgeted costs. The City follows the accounting policy of <br />recognizing these charges as an expense of the sewer utility operation in the year for which they are billed. <br />Note 8 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY <br />A. DEFICIT FUND BALANCES <br />The City has deficit fund balances at December 31, 2014 as follows: <br />The City intends to fund these deficits through future tax levies, special assessment levies, tax increments, <br />transfers from other funds, and various other sources. <br />52 <br />Fund Balance <br />Deficit <br />G.O. Improvement Bonds 2005A <br />(2,493,684) <br />Dedicated Parks <br />$ (251,933) <br />21stAve. Extension 1-13 <br />(193,082) <br />Tax Increment Financing 1-11 <br />(771,119) <br />Fire House House #2 1-14 <br />(105,685) <br />Birch St Sanitary Sewer <br />(11,331) <br />Shenandoah Street Reconstruction <br />(32,271) <br />Improvement Bonds 2013A <br />(16,746) <br />The City intends to fund these deficits through future tax levies, special assessment levies, tax increments, <br />transfers from other funds, and various other sources. <br />52 <br />
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