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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 19 OTHER POSTEMPLOYMENT BENEFIT PLAN (CONTINUED) <br />C. Annual OPEB Cost and Net OPEB Obligation <br />The City's annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual <br />required contribution (ARC), an amount actuarially determined in accordance with the parameters of <br />GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected <br />to cover normal cost each year and amortize any un- funded actuarial liabilities over a period not to exceed <br />thirty years. The following table shows the components of the City's annual OPEB cost for the year, the <br />amount actually paid from the plan, and changes in the City's net OPEB obligation. <br />Annual Required Contribution $ 29,449 <br />Interest on Net OPEB Obligation 1,266 <br />Adjustment to Annual Required Contribution (2,798) <br />Annual OPEB Cost (Expense) 27,917 <br />Contributions Made (18,396) <br />Increase in Net OPEB Obligation 9,521 <br />Net OPEB Obligation- Beginning of Year 63,287 <br />Net OPEB Obligation- End of Year $ 72,808 <br />The City's annual OPEB cost, the percentage of the annual OPEB cost contributed to the plan, and the net <br />OPEB obligation for 2011: <br />Percentage <br />Fiscal Annual of Annual Net <br />Year OPEB OPEB Cost OPEB <br />Ended Cost Contributed Obligation <br />12/31/2009 $ 41,152 45.9% $ 44,734 <br />12/31/2010 40,404 51.1% 63,287 <br />12/31/2011 27,917 65.9% 72,808 <br />D. Funded Status and Funding Progress <br />As of January 1, 2011, the most recent actuarial valuation date, the City's unfunded actuarial accrued <br />liability (UAAL) was $474,770. The annual payroll for active employees covered by the plan in the <br />actuarial valuation was $4,953,560 for a ratio of UAAL to covered payroll of 9.6 %. <br />Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and <br />assumptions about the probability of occurrence of events far into the future. Examples include <br />assumptions about future employment, mortality, and healthcare cost trends. Amounts determined <br />regarding the funded status of the plan and the annual required contributions of the employer are subject to <br />continual revision as actual results are compared with past expectations and new estimates are made about <br />the future. The schedule of funding progress, presented as required supplementary information following <br />the notes to the financial statements, presents multiyear trend information about whether the actuarial value <br />of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. <br />57 <br />
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