Laserfiche WebLink
CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />C. PARTICIPANTS <br />As of the actuarial valuation dated January 1, 2014, participants consisted of: <br />Retirees and beneficiaries currently <br />purchasing health insurance through the City <br />Disabled police and firefighters <br />Active employees <br />Total <br />Participating employers <br />D. FUNDING POLICY <br />58 <br />62 <br />1 <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 OPEB COSTS AND NET OPEB OBLIGATION <br />The City's annual other post 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 funding excess) over a period not to exceed 30 years. The net OPEB obligation as of <br />December 31, 2014, was calculated as follows: <br />Annual required contribution (ARC) <br />$103,504 <br />Interest on net OPEB obligation <br />18,746 <br />Adjustment to ARC <br />(15,727) <br />Annual OPEB cost <br />106,523 <br />Contributions made during the year <br />(13,386) <br />Increase (decrease) in net OPEB obligation <br />93,137 <br />Net OPEB obligation - beginning of year <br />416,570 <br />Net OPEB obligation - end of year $509,707 <br />For the governmental activities, the net OPEB obligation is generally liquidated by the General Fund. <br />74 <br />