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M CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2011 In the January 1, 2010 actuarial valuation, the Projected Unit Credit Actuarial cost method was used. The actuarial assumptions included a 4.5% investment rate of return (net of administrative expenses), an initial annual health care cost trend rate of 9% reduced by .33% each year to arrive at an ultimate health care cost trend rate of 5.0% and an inflation rate of 3%. The actuarial value of assets was $0. The plan's unfunded actuarial accrued liability is being amortized using the level percentage of projected payroll method over 30 years on a open basis. Note 8 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS Individual fund interfund receivable and payable balances at December 31, 2011 are as follows: Fund Maj or Funds: General Fund HRA Directed Projects Nomnajor Funds: Recycling Fund HRA Fund 2012 Street Improvement Project Fund Total Receivable Payable $420,091 $ - - 118,871 - 11,745 - 159,862 129,613 $420,091 $420,091 Interfund payables and receivables are representative of lendingiborrowing arrangements to cover deficit cash balances at the end of the fiscal year. Interfund loans: Fund Receivable Payable Purpose t Major funds: Water and Sewer $2,219,990 $ - HRA Projects - 1,000,000 Provide financing for pay off of Fannie Mae loan i Street Improvement Project - 600,000 Provide financing for pay off of Fannie Mae loan Provide financing for escrow required by 2003 public - HRA Debt Service - 437,430 facilities lease Liquor Fund - 109,500 Providing financing for the Market Place Liquor Store ` Nonmaj or funds: Revolving Improvement Fund - 73,060 Provide financing for Arbors Alley Project t Total $2,219,990 $2,219,990 t 73 L.