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CITY OF LAKE ELMO, MINNESOTA <br />NOTES TO THE BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2023 <br /> <br /> <br />57 <br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued) <br /> <br />2.F. FUND EQUITY (Continued) <br /> <br />Deficit fund balances in individual funds at December 31, 2023 consist of the following: <br /> <br /> <br />Fund deficits are expected to be recovered through future assessments, tax levies, tax increment, or transfers. <br /> <br /> <br />NOTE 3 DEFINED BENEFIT PENSION PLANS – STATEWIDE <br /> <br />Plan Description <br /> <br />The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by the Public <br />Employees Retirement Association of Minnesota (PERA). PERA’s defined benefit pension plans are established and <br />administered in accordance with Minnesota Statutes, Chapters 353 and 356. PERA’s defined benefit pension plans are tax <br />qualified plans under Section 401(a) of the Internal Revenue Code. <br /> <br />General Employees Retirement Plan <br />All full time and certain part-time employees of the City of Lake Elmo are covered by the General Employees Plan. General <br />Employees Plan members belong to the Coordinated Plan. Coordinated Plan members are covered by Social Security. <br /> <br />Public Employees Police and Fire Plan <br />The Police and Fire Plan, originally established for police officers and firefighters not covered by a local relief association, <br />now covers all police officers and firefighters hired since 1980. Effective July 1, 1999, the Police and Fire Plan also covers <br />police officers and firefighters belonging to local relief associations that elected to merge with and transfer assets and <br />administration to PERA. <br /> <br />Benefits Provided <br /> <br />PERA provides retirement, disability, and death benefits. Benefit provisions are established by State Statute and can only be <br />modified by the State Legislature. Vested, terminated employees who are entitled to benefits, but are not receiving them yet, <br />are bound by the provisions in effect at the time they last terminated their public service. <br />Fund <br />Deficit <br /> CSAH 13 Phase 2 Fund (48,389)$ <br /> Old Village Phases 5 & 6 (257,973)$ <br /> CSAH 15 Manning Avenue Phase 3 Fund (3,525)$ <br /> CSAH 15 Manning Avenue & 30th Street Fund (14,512)$ <br /> TH36 Lake Elmo Avenue Improvements Fund (5,849)$ <br /> CASH 15 (Manning Ave) Phase 3 Fund (1,552)$ <br /> 2024 Street & Utility Improvement Fund (56,882)$ <br /> Hudson Blvd Imp-Seg A-InwdHdrx Fund (53,827)$ <br /> 15th Street N Improvement Fund (25,032)$ <br /> 30th St N Gap Segmt Improvement Fund (25,432)$ <br />Nonmajor Governmental Funds