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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2012 <br /> <br />57 <br /> <br />Note 18 JOINT VENTURES (CONTINUED) <br />Fire (Continued) <br />Each calendar year, participating cities are to pay the Di strict its share of the total operating and capital budget in <br />accordance with a funding formula contai ned in Section VII of the joint pow ers agreement. The funding formula <br />takes into account each city’s average number of calls, population, and total market value. <br /> <br />During 2012, the City of Lino Lakes’ contributions to the District were as follows: <br /> <br />Operating542,779 $ <br />Capital86,627 <br />Total629,406 $ <br />Separate financial statements of th e District can be obtained by contacting the Centennial Fire District. <br /> <br />The audited condensed financial statem ents of the District as of Decembe r 31, 2011 (the most recent information <br />available) are as follows: <br /> <br />Total Assets1,524,597 $ <br />Total Liabilities109,106 <br />Total Net Position1,415,491 <br />Total Operating Revenue923,222 <br />Total Operating Expenses818,638 <br />Anoka County <br />The City of Lino Lakes has a joint powers agreement with Anoka County for the reconstruction of County State Aid <br />Highway 14 (Main Street) and I-35E Interchange County Project. <br /> <br /> <br />Note 19 OTHER POSTEMPL OYMENT BENEFIT PLAN <br />At December 31, 2008, the City adopted Governmental Accounti ng 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, 2011. <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 e ligible 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, 2012 there were approximately 49 active participants a nd 7 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 2012, the City contributed <br />$24,597 to the plan.