|
CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2017
<br />D. PENSION COSTS
<br />At December 31, 2017, the City reported a net pension asset of $127,994 for the SVF plan. The net
<br />pension asset was measured as of December 31, 2017. The total pension liability used to calculate the
<br />net pension asset in accordance with GASB 68 was determined by PERA applying an actuarial formula
<br />to specific census data certified by the fire department. The following table presents the changes in net
<br />pension liability during the year.
<br />Beginning balance December 31, 2016
<br />Changes for the year:
<br />Service cost
<br />Interest on pension liability
<br />Actuarial experience (gains) / losses
<br />Projected investment earnings
<br />Contributions - employer
<br />Contributions - State of MN
<br />Asset (gain) / loss
<br />Benefit payouts
<br />PERA administrative fee
<br />Net changes
<br />Balance end of year December 31, 2017
<br />There were no benefit provision changes during the measurement period.
<br />For the year ended December 31, 2017, the City recognized pension expense of $45,088.
<br />At December 31, 2017, the City reported deferred inflows of resources from the following sources:
<br />Difference between projected and
<br />actual investment earnings
<br />Differences between expected and
<br />actual economic experience
<br />Total
<br />72
<br />Deferred Outflows Deferred Inflows
<br />of Resources of Resources
<br />Plan
<br />Net
<br />Total
<br />Fiduciary
<br />Pension
<br />Pension
<br />Net
<br />Liability
<br />Liability
<br />Position
<br />(Asset)
<br />(a)
<br />(b)
<br />(a -b)
<br />$55,240
<br />$44,527
<br />$10,713
<br />47,952
<br />-
<br />47,952
<br />6,191
<br />-
<br />6,191
<br />(11,672)
<br />-
<br />(11,672)
<br />-
<br />2,672
<br />(2,672)
<br />-
<br />58,800
<br />(58,800)
<br />-
<br />113,797
<br />(113,797)
<br />-
<br />6,481
<br />(6,481)
<br />-
<br />(572)
<br />572
<br />42,471
<br />181,178
<br />(138,707)
<br />$97,711
<br />$225,705
<br />($127,994)
<br />There were no benefit provision changes during the measurement period.
<br />For the year ended December 31, 2017, the City recognized pension expense of $45,088.
<br />At December 31, 2017, the City reported deferred inflows of resources from the following sources:
<br />Difference between projected and
<br />actual investment earnings
<br />Differences between expected and
<br />actual economic experience
<br />Total
<br />72
<br />Deferred Outflows Deferred Inflows
<br />of Resources of Resources
<br />$5,264
<br />17,495
<br />$22,759
<br />$0
<br />$5,264
<br />17,495
<br />$22,759
<br />
|