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CITY OF LAKE ELMO, MINNESOTA NOTES TO THE BASIC FINANCIAL STATEMENTS DECEMBER 31, 2024 58 NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued) 2.F. FUND EQUITY (Continued) Deficit fund balances in individual funds at December 31, 2024 consist of the following: Fund Deficit CSAH 13 Phase 2 Fund (48,389)$ Railroad Crossing Improvements Fund (55,451)$ Old Village Phases 5 & 6 (272,542)$ CSAH 15 Manning Avenue Phase 3 Fund (3,525)$ CSAH 15 Manning Avenue & 30th Street Fund (14,113)$ TH36 Lake Elmo Avenue Improvements Fund (11,590)$ Old Village Phase 7 Fund (45,563)$ CASH 15 (Manning Ave) Phase 3 Fund (4,100)$ 30th St N Gap Segmt Improvement Fund (470,137)$ 2025 Street & Utility Improvement Fund (62,256)$ Nonmajor Governmental Funds Fund deficits are expected to be recovered through future assessments, tax levies, tax increment, or transfers. NOTE 3 DEFINED BENEFIT PENSION PLANS – STATEWIDE Plan Description The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). These plan provisions are established and administered according to Minnesota Statutes chapters 353, 353D, 353E, 353G, and 356. Minnesota Statutes chapter 356 defines each plan’s financial reporting requirements. PERA’s defined benefit pension plans are tax qualified plans under Section 401(a) of the Internal Revenue Code. General Employees Retirement Plan (General Plan) Membership in the General Plan includes employees of counties, cities, townships, schools in non -certified positions, and other governmental entities whose revenues are derived from taxation, fees, or assessments. Plan membership is required for any employee who is expected to earn more than $425 in a month, unless the employee meets exclusion criteria. Public Employees Police and Fire Plan (Police and Fire Plan) Membership in the Police & Fire Plan includes full -time, licensed police officers and firefighters who meet the membership criteria defined in Minnesota Statutes section 353.64 and who are not earning service credit in any other PERA retirement plan or a local relief association for the same service. Employers can provide Police & Fire Plan coverage for part -time positions and certain other public safety positions by submitting a resolution adopted by the entity’s governing body. The resolution must state that the position meets plan requirements.