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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2017 are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multi-year trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effect of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. In the January 1, 2016 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 3.5%. 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 an open basis. Note 10 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS Individual fund interfund receivable and payable balances at December 31, 2017 are as follows: Fund Receivable Payable Governmental activities: Major funds: General Fund $176,936 $ - Street Improvement Project Fund - 176,936 Total $176,936 $176,936 Interfund payables and receivables are representative of lending/borrowing arrangements to cover deficit cash balances at the end of the fiscal year. Interfund loans receivable and payable balances at December 31, 2017 are as follows: Fund Receivable Payable Purpose Major funds: Public Utilities Infrastructure $998,666 $ - HRA TIF Improvements - 959,326 Provide financing for pay off of Fannie Mae loan Nonmajor funds: Revolving Improvement - 39,340 Provide financing for Arbors Alley Project - Total $998,666 $998,666 79