Laserfiche WebLink
CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2015 <br /> <br /> <br /> <br />PENSION LIABILITY (ASSET) SENSITIVITY <br /> <br /> The following presents the net pension liability (asset) of the City, calculated using the discount rate <br />of 4.25 percent, as well as what the net pension liability would be if it were calculated using a <br />discount rate that is 1-percentage-point lower (3.25 percent) or 1-percentage-point higher (5.25 <br />percent) than the current rate: <br /> <br />Current <br />1% Decrease Discount Rate 1% Increase <br />(3.25%) (4.25%) (5.25%) <br />Net pension liability (asset) ($128,868) ($151,568) ($173,539) <br /> <br />PENSION PLAN FIDUCIARY NET POSITION <br /> <br />Detailed information about the pension plan’s fiduciary net position is available in the separately <br />issued Relief Association financial report. That report may be obtained by writing to St. Anthony <br />Fire Department Relief Association, 3505 Silver Lake Road, St. Anthony, Minnesota, 55418. <br /> <br />PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED <br />INFLOWS OF RESOURCES RLEATED TO PENSIONS <br /> <br />For the year ended December 31, 2015, the City recognized pension expense of $10,473. The City <br />also recognized $48,725 for the year ended December 31, 2015, as pension expense (and grant <br />revenue) for the State of Minnesota’s on-behalf contribution to the plan. At December 31, 2015, the <br />City reported deferred outflows of resources and deferred inflows of resources related to pensions <br />from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Differences between expected and <br /> actual economic experience $ - $ - <br />Changes in actuarial assumptions - - <br />Difference between projected and <br /> actual investment earnings 49,346 - <br />Total $49,346 $ - <br /> <br />75