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CITY OF LINO LAKES, MINNESOTA
<br />REQUIRED SUPPLEMENTARY INFORMATION
<br />SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS -
<br />LINO LAKES PUBLIC SAFETY DEPARTMENT - FIRE DIVISION
<br />For The Last Ten Years
<br />Fiscal year ending - December 31: 2024 2023 & 2022 * 2021
<br />Measurement date - December 31:2023 2022 2021
<br />Total pension liability:
<br />Service cost $62,261 $62,261 $67,890
<br />Interest on pension liability 35,283 32,439 19,363
<br />Changes of benefit terms - - -
<br />Differences between expected and actual experience (17,070)(11,917)59,354
<br />Changes of assumptions - - -
<br />Changes in benefit level - - 100,057
<br />Benefit payments (24,520)(46,223) -
<br />Net change in total pension liability 55,954 36,560 246,664
<br />Total pension liability - beginning 538,056 501,496 254,832
<br />Total pension liability - ending (a)$594,010 $538,056 $501,496
<br />Plan fiduciary net position:
<br />Contributions - employer $ - $ - $ -
<br />Contributions - State of Minnesota 170,000 147,799 137,872
<br />Contributions - other - - -
<br />Net investment income 159,422 (150,995)83,292
<br />Benefit payments (24,520)(46,223) -
<br />Administrative expense - (724)(707)
<br />Net change in plan fiduciary net position 304,902 (50,143)220,457
<br />Plan fiduciary net position - beginning 984,693 1,034,836 814,379
<br />Plan fiduciary net position - ending (b)$1,289,595 $984,693 $1,034,836
<br />Net pension asset - ending (b) - (a)$695,585 $446,637 $533,340
<br />Plan fiduciary net position as a percentage of
<br />the total pension liability 217%183%206%
<br />Covered payroll N/A N/A N/A
<br />Net pension liability as a percentage of
<br />covered employee payroll N/A N/A N/A
<br />N/A - the Lino Lakes Fire Department is comprised of paid on-call firefighters whose pay does not meet the definition
<br />of covered payroll.
<br />The City created its own fire department in 2016. Therefore, information prior to 2016 is not available. Additional years will
<br />be reported as they become available.
<br />* Prior to 2023, the fiscal year end and measurement date were the same. However, 2023 plan information from
<br />PERA was not available and therefore, 2022 amounts were re-reported in the City's 2023 ACFR.
<br />See accompanying notes to the required supplementary information.
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