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Other Post- Employment Benefits <br />The Governmental Accounting Standards Board (GASB) has issued Statement No. 45, <br />Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than <br />Pensions (GASB 45), which addresses how state and local governments must account for and <br />report their obligations related to post - employment healthcare and other non - pension benefits <br />(referred to as Other Post Employment Benefits or "OPEB "). GASB 45 requires that local <br />governments account for and report the annual cost of OPEB and the outstanding obligations <br />and commitments related to OPEB in essentially the same manner as they currently do for <br />pensions. <br />The City of Lino Lakes does not offer post - employment or post - retirement benefits to City <br />employees, except for public safety employee or families of public safety employees disabled or <br />killed in the line of duty, as required by Minnesota Statutes. Employees leaving employment <br />may continue insurance coverage under COBRA, and early retirees may continue insurance <br />coverage, per Minnesota Statues, at their own expense, until age 65. Therefore, the City's <br />greatest liability under GASB 45 would come through an implicit rate subsidy. The implicit rate <br />subsidy is the additional cost of health insurance to current employees and the City as a result <br />of the higher cost of providing health insurance to retirees. It is the City's intention to quantify <br />this liability through actuarial estimate or another acceptable method and to disclose it in the <br />notes to the financial statements by the deadline date for implementation. <br />General Fund Budget <br />2005 Adopted 2006 <br />Actual Budget <br />Revenues: <br />Property Taxes $6,054,104 $6,757,626 <br />Licenses and permits 812,172 866,600 <br />Intergovernmental 591,649 365,000 <br />Special assessments 3,461 0 <br />Charges for services 197,475 198,000 <br />Fines and forfeits 100,980 110,000 <br />Investment earnings 115,015 80,000 <br />Refunds and reimbursements 32,509 0 <br />Miscellaneous 138,480 230,000 <br />Total General Fund Revenues $8.045,845 $8 607 226 <br />Expenditures: <br />General Government $2,353,519 $2,886,031 <br />Public Safety 3,141,032 3,350,148 <br />Public Works 969,338 996,283 <br />Parks and Recreation 733,176 788,154 <br />Conservation of Natural Resources 142,655 0 <br />Contingency /Other 0 586,610 <br />Total General Fund Expenditures $7,339.720 $8,607,226 <br />