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06-04-2018 Council Work Session Packet
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06-04-2018 Council Work Session Packet
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />D. PENSION COSTS <br /> <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 /> <br />Plan Net <br />Total Fiduciary Pension <br />Pension Net Liability <br />Liability Position (Asset) <br />(a)(b)(a-b) <br />Beginning balance December 31, 2016 $55,240 $44,527 $10,713 <br />Changes for the year: <br />Service cost 47,952 - 47,952 <br />Interest on pension liability 6,191 - 6,191 <br />Actuarial experience (gains) / losses (11,672) - (11,672) <br />Projected investment earnings - 2,672 (2,672) <br />Contributions - employer - 58,800 (58,800) <br />Contributions - State of MN - 113,797 (113,797) <br />Asset (gain) / loss - 6,481 (6,481) <br />Benefit payouts - - - <br />PERA administrative fee - (572)572 <br />Net changes 42,471 181,178 (138,707) <br />Balance end of year December 31, 2017 $97,711 $225,705 ($127,994) <br /> There were no benefit provision changes during the measurement period. <br /> <br />For the year ended December 31, 2017, the City recognized pension expense of $45,088. <br /> <br />At December 31, 2017, the City reported deferred inflows of resources from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Difference between projected and <br /> actual investment earnings $ - $5,264 <br />Differences between expected and <br /> actual economic experience - 17,495 <br />Total $0 $22,759 <br /> <br />72
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