Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2023 <br /> <br /> <br /> <br /> <br />C. CONTRIBUTIONS <br /> <br />The Volunteer Firefighter Plan is funded by fire state aid, investment earnings and, if necessary, employer contributions as <br />specified in Minnesota Statutes, and voluntary City contributions. The State of Minnesota contributed $147,297 in fire state <br />aid to the plan for the year ended December 31, 2023. Required employer contributions are calculated annually based on <br />statutory provisions. The City’s statutorily-required contributions to the Volunteer Firefighter Fund for the year ended <br />December 31, 2023 were $0. The City’s contributions were equal to the required contributions as set by state statute, if <br />applicable. <br /> <br /> <br />D. PENSION COSTS <br /> <br />The total pension liability used to calculate the net pension asset in accordance with GASB 68 was determined by PERA <br />applying an actuarial formula to specific census data certified by the fire department. The net pension asset was measured as <br />of December 31, 2022. Previously, the City’s fiscal year-end and the measurement date were the same. However, current <br />year Plan information from PERA is not available. The effect of re-reporting Plan information is not considered material to <br />the financial statements. <br /> <br />At December 31, 2023, the City reported a net pension asset of $446,637 for the Volunteer Firefighter Plan. The following <br />table presents the changes in the net pension asset during the year: <br /> <br />Plan <br />Total Fiduciary Net <br />Pension Net Pension <br />Liability Position Asset <br />(a) (b) (b-a) <br />Beginning balance December 31, 2021 $501,496 $1,034,836 $533,340 <br />Changes for the year: <br />Service cost 62,261 - (62,261) <br />Interest on pension liability 32,439 - (32,439) <br />Actuarial experience (gains) / losses (11,917) - 11,917 <br />Projected investment earnings - 62,090 62,090 <br />Asset (gain) loss - (213,085) (213,085) <br />Contributions - employer - - - <br />Contributions - State of MN - 147,799 147,799 <br />Benefit payouts (46,223) (46,223) - <br />PERA administrative fee - (724) (724) <br />Net changes 36,560 (50,143) (86,703) <br />Balance end of year December 31, 2022 $538,056 $984,693 $446,637 <br /> <br />There were no benefit provision changes during the measurement period. <br /> <br />For the year ended December 31, 2023, the City recognized pension expense of $147,297. <br /> <br />70 <br />134