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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 18 OTHER POSTEMPLOYMENT BENEFIT PLAN <br />At December 31, 2008, the City adopted Governmental Accounting Standards Board (GASB) Statement No. 45, <br />Accounting and Financial Reporting by Employers for Postemployment Benefits Other than Pensions. The City <br />engaged an actuary to determine the City's liability for postemployment healthcare benefits other than pensions as <br />of January 1, 2014. <br />A. PLAN DESCRIPTION <br />The City provides benefits for retirees as required by Minnesota Statute §471.61 subdivision 2b. Active <br />employees, who retire from the City when over age 50 and with 20 years of service, may continue <br />coverage with respect to both themselves and their eligible dependent(s) under the City's health benefits <br />program until age 65. Pursuant to the provisions of the plan, retirees are required to pay the total premium <br />cost. As of December 31, 2014 there were approximately 48 active participants and 6 retired participants <br />receiving benefits from the City's health plans. <br />B. FUNDING POLICY <br />The City funds its OPEB obligation on a pay as you go basis. For fiscal year 2014, the City contributed <br />$19,414 to the plan. <br />C. ANNUAL OPEB COST AND NET OPEB OBLIGATION <br />The City's annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual <br />required contribution (ARC), an amount actuarially determined in accordance with the parameters of <br />GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected <br />to cover normal cost each year and amortize any unfunded actuarial liabilities over a period not to exceed <br />thirty years. The following table shows the components of the City's annual OPEB cost for the year, the <br />amount actually paid from the plan, and changes in the City's net OPEB obligation. <br />Annual Required Contribution <br />$ 29,029 <br />Interest on Net OPEB Obligation <br />897 <br />Adjustment to Annual Required Contribution <br />(3,458) <br />Annual OPEB Cost (Expense) <br />26,468 <br />Contributions Made <br />(19,414) <br />Increase in Net OPEB Obligation <br />7,054 <br />Net OPEB Obligation - Beginning of Year <br />83,969 <br />Net OPEB Obligation - End of Year <br />$ 91,023 <br />The City's annual OPEB cost, the percentage of the annual OPEB cost contributed to the plan, and the net <br />OPEB obligation for 2014 and the two preceding years: <br />12/31/2012 <br />12/31/2013 <br />12/31/2014 <br />$ 29,610 <br />27,437 <br />26,468 <br />58 <br />65.2% <br />77.6% <br />73.3% <br />$ 77,871 <br />83,969 <br />91,023 <br />Percentage <br />Fiscal Annual <br />of Annual <br />Net <br />Year OPEB <br />OPEB Cost <br />OPEB <br />EndedCost <br />Contributed <br />Obligation <br />12/31/2012 <br />12/31/2013 <br />12/31/2014 <br />$ 29,610 <br />27,437 <br />26,468 <br />58 <br />65.2% <br />77.6% <br />73.3% <br />$ 77,871 <br />83,969 <br />91,023 <br />
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