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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2009 <br />C. PARTICIPANTS <br />As of the actuarial valuation dated January 1, 2008, participants consisted of: <br />Retirees and beneficiaries currently <br />purchasing health insurance through the City <br />Disabled police and firefighters <br />Active employees 55 <br />Total 61 <br />Participating employers I <br />D. FUNDING POLICY <br />The additional cost of using a blended rate for actives and retirees is currently funded on a pay-as-you- <br />go basis. The City Council may change the funding policy at any time. <br />E. ANNUAL OPER COS'T'S AND NET OPER OBLIGA'T'ION <br />The City's annual otherpost employment benefit (OPEB) cost is calculated based on the annual <br />required contribution (ARC) of the employer, an amount actuarially determined in accordance with the <br />parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an <br />ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial <br />liabilities (or finding excess) over a period not to exceed 30 years. The net OPEB obligation as of <br />December 31, 2009, was calculated as follows: <br />Annual required contribution (ARC) $116,485 <br />Interest on net OPEB obligation - <br />Adjustnnent to ARC - <br />Annual OPEB cost 116,485 <br />Contributions made during the year (27,350) <br />Increase (decrease) in net OPER obligation 89,135 <br />Net OPEB obligation - beginning of year - <br />Net OPE13 obligation - end of year $89,135 <br />71 <br />