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Comprehensive Annual Financial Report 12/31/2011
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Comprehensive Annual Financial Report 12/31/2011
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Comprehensive Annual Financial Report
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12/31/2011
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2011 <br />Note 6 DEFINED BENEFIT PENSION PLANS — STATEWIDE (CONTINUED) <br />B. FUNDING POLICY <br />Minnesota Statutes, Chapter 353 sets the rates for employer and employee contributions. These statutes are <br />established and amended by the state legislature. The City makes annual contributions to the pension plans <br />equal to the amount required by state statutes. GERF Basic Plan members and Coordinated Plan members <br />are required to contribute 9.10% and 6.25% respectively, of their annual covered salary. PEPFF members <br />were required to contribute 9.6% of their annual covered salary in 2011. The City is required to contribute <br />the following percentages of annual covered payroll: 11.78% for Basic Plan members, 7.25% for <br />Coordinated Plan members, and 14.4% for PEPFF members. The City's contributions to the General <br />Employees Retirement Fund for the years ended December 31, 2011, 2010, and 2009 were $187,186, <br />$177,081, and $186,454, respectively. The City's contributions to the Public Employees Police & Fire <br />Fund for the years ended December 31, 2011, 2010, and 2009 were $285,356, $280,046, and $303,949, <br />respectively. The City's contributions were equal to the contractually required contributions for each year <br />as set by state statute. <br />Note 7 METROPOLITAN COUNCIL ENVIRONMENTAL SERVICES <br />During 1971, the Metropolitan Waste Control Commission (MWCC) was organized to provide for consolidation of <br />the sanitary sewer collection, treatment and disposal in the seven county metropolitan area surrounding Minneapolis <br />and St. Paul. Previously, these operations were maintained by the city governments on an individual or collective <br />basis. The MWCC merged with the Metropolitan Council during 1994 to form Metropolitan Council Wastewater <br />Services (MCWS) and is now called the Metropolitan Council Environmental Services (MCES). The MCES bills <br />the City annually based upon estimated volume and budgeted costs. The City follows the accounting policy of <br />recognizing these charges as an expense of the sewer utility operation in the year for which they are billed. <br />Note 8 STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY <br />A. Deficit Fund Balances <br />The City has deficit fund balances at December 31, 2011 as follows: <br />Fund Balance <br />Deficit <br />35E Interchange $ (6,842) <br />Dedicated Parks (578,237) <br />Tax Increment Financing 1 -11 (764,145) <br />G.O. Improvement Bonds 2005A (1,628,613) <br />Traffic Control (176,659) <br />The City intends to fund these deficits through future tax levies, special assessment levies, tax increments, <br />transfers from other funds, and various other sources. <br />51 <br />
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