Comprehensive Annual Financial Report 12/31/2011

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loom Vow Www CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2011 Note 18 JOINT VENTURES (CONTINUED) Fire (Continued) Each calendar year, participating cities are to pay the District its share of the total operating and capital budget in accordance with a funding formula contained in Section VII of the joint powers agreement. The funding formula takes into account each city's average number of calls, population, and total market value. During 2011, the City of Lino Lakes' contributions to the District were as follows: Operating $ 525,842 Capital 87,000 Total $ 612,842 Separate financial statements of the District can be obtained by contacting the Centennial Fire District. The audited condensed financial statements of the District as of December 31, 2011 are as follows: Total Assets $ 1,524,597 Total Liabilities 109,106 Total Net Assets 1,415,491 Total Operating Revenue 923,222 Total Operating Expenses 818,638 Anoka County The City of Lino Lakes has a joint powers agreement with Anoka County for the reconstruction of County State Aid Highway 14 (Main Street) and I -35E Interchange County Project. Note 19 OTHER POSTEMPLOYMENT BENEFIT PLAN At December 31, 2008, the City adopted Governmental Accounting Standards Board (GASB) Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other than Pensions. The City engaged an actuary to determine the City's liability for postemployment healthcare benefits other than pensions as of January 1, 2011. A. Plan Description The City provides benefits for retirees as required by Minnesota Statute §471.61 subdivision 2b. Active employees, who retire from the City when over age 50 and with 20 years of service, may continue coverage with respect to both themselves and their eligible dependent(s) under the City's health benefits program until age 65. Pursuant to the provisions of the plan, retirees are required to pay the total premium cost. As of December 31, 2011 there were approximately 49 active participants and 7 retired participants receiving benefits from the City's health plans. B. Funding Policy The City funds its OPEB obligation on a pay as you go basis. For fiscal year 2011, the City contributed $18,396 to the plan.