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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019 -
<br />REVENUE PLEDGED
<br />Future revenue pledged for the payment oflong-tenil debt is as follows:
<br />RewnuePleck!ed CUrreDl:Year
<br />Remaining Principal Pledgicd
<br />Thnnof Prinoipol mllnle,at .......
<br />Bond Issue Use of Proceeds -I.,,.,.. aJdlnterest Pmd Received
<br />Certificatesoflndcblcdncss Ecp.pmcntpurobascs Adwloremtaxes 12016-2022 $912,989 $578,365 I $604,408
<br />2007AG.O. TIFBonds lnfrastnx:turc imJro'1ltments ~u:r::.~ 12008-20231 $1,368,4471 s2ss,181 I $255,181
<br />20 I OAimprovemeut and Utility General and 'MIier infrastructure =~;;::;· 12011-20191 s116,12s I $110,879 [ $110,524 Rcw:oueBonds --2012AG.O. Bonds Infi'astructure impnm,ments Adva1on,mtaxes, 2013-2023 $840,843 I $243.445 I $179,211 1pecial assessments
<br />2013AlmprovemeutBonds lnfrastructureimprowments Special assessments 2014-2023 $346,800 I $73.755 I $39,000
<br />2014Alm)Xovemen1:Bonds Inftastructureimprow:mentll Special assessments 2015-2025 $1,488,711 $410,113 $1,198
<br />201SAG.O.Bonds lnftastructureimprowments Adwloremtaxes 2016-2030 $2,879,781 $260,168 $268,886
<br />2015BHDAI.ease Revenue Bonda Construction of a fire station Advaloremtaxes 2016-2035 $5,084,631 $303,243 $314,208
<br />2016ACapitalNote Cable communications equipment Frl'nlhiscfecs 2016-2025 SII0,279 $38,029 $38,()28
<br />20 t 6A Utility Rew:nue Bonds Wd:er int'rm;tructure hnJrowments !:,t.:!:charps 12011-20261 s1,2•s.1so I Si60~SS I $160,800
<br />120168 linpowment Bonds lnftastructureilllp'OWilllCJlt Special assessments., 2017 · 2020 $1,019,693 $507,585 $366,450 ... ,_
<br />2016C GD. Tux Ahatemenl Bonds IDf'rastruchre improvements Advaloremtaxes 2017-2022 $1,163,085 $262,483 $287,787
<br />AdvaloremtlDlOs,
<br />2018AO.O.Bonds !Infrastructure improwments tnmkutilitycharges, I 2019-2033 I S9,D94,5S7 I Si74.()4S I $835,787
<br />s~ial assessments
<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
<br />Note 7 DEFINED BENEFIT PENSION PLANS -PERA
<br />A, PLAN DESCRIPTION
<br />The City participates in the following cost-sharing multiple-employer defined benefit pension plans
<br />administered by the Public Employees Retirement Association of Minnesota (PERA). PERA's defined
<br />benefit pension plans are established and administered in accordance with Minnesota Statutes, Chapters
<br />353 and 356. PERA's defined benefit pension plans are tax qualified plans under Section 401(a) of the
<br />Internal Revenue Code.
<br />I. General Employees Retirement Fund (GERF)
<br />All full-time (with the exception of employees covered by PEPFF) and certain part-time employees
<br />of the City are covered by the General Employees Retirement Fund (GERF). GERF members
<br />belong to the Coordinated Plan. Coordinated Plan members are covered by Social Security.
<br />2. Public Employees Police and Fire Fund (PEPFF)
<br />The PEPFF, originally established for police officers and firefighters not covered by a local relief
<br />association, now covers all police officers and firefighters hired since 1980. Effective July I, 1999,
<br />the PEPFF also covers police officers and firefighters belonging to local relief associations that
<br />elected to merge with and transfer assets and administration to PERA.
<br />B. BENEFITS PROVIDED
<br />· PERA provides retirement, disability, and death benefits. Benefit provisions are established by state
<br />statute and can only be modified by the state legislature. Vested, terminated employees who are entitled
<br />to benefits but are not receiving them yet are bound by the provisions in effect at the time they last
<br />terminated their public service.
<br />I. GERF Benefits
<br />Benefits are based on a member's highest average salary for any five successive years of allowable
<br />service, age, and years of credit at termination of service. Two methods are used to compute
<br />benefits for PERA 's Coordinated members. Members hired prior to July I, 1989, receive the
<br />higher of Method I or Method 2 formulas. Only Method 2 is used for members hired after June 30,
<br />1989. Under Method I, the accrual rate for Coordinated members is 1.2% ofaverage salary for
<br />each of the first ten years and I. 7% ofaverage salary for each additional year. Under Method 2,
<br />the accrual rate for Coordinated Plan members is I. 7% of average salary for all years of service.
<br />For members hired prior to July I, 1989 a full annuity is available when age plus years of service
<br />equal 90 and normal retirement age is 65. For inembers hired on or after July I, 1989 normal
<br />retirement age is the age for unreduced Social Security benefits capped at 66.
<br />Annuities, disability benefits, and survivor benefits are increased effective eve,y January I.
<br />Beginning January I, 2019, the postretirement increase will be equal to 50% of the cost-of-living
<br />adjustment (COLA) announced by the SSA, with a minimum increase of at least I% and a
<br />maximum of 1.5%. Recipients that have been receiving the annuity or benefit for at least a full
<br />year as of the June 30 before the effective date of the increase will receive the full increase. For
<br />recipients receiving the annuity or benefit for at least one month but less than a full year as of the
<br />June 30 before the effective date of the increase will receive a reduced prorated increase. For
<br />members retiring on January I, 2024 or later, the increase will be delayed until normal retirement IV-27
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