8.1. SR 06-04-2012 - Laserfiche WebLink

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CITY OF ELK RIVER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 Note 4: OTHER INFORMATION - CONTINUED c. Annual OPEB Cost and Net OPEB Obligation The City's annual OPEB cost for each plan is calculated based on the annual required contribution (ARC) of the employer, an amount actuarially determined in accordance with the parameters of GASB Statement 45, The ARC represents the level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The URHP has elected to calculate the ARC and related information using the alternative measurement method permitted for employers in plans with fewer than one hundred total plan members. The following table shows the components of the City's annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the City's net OPEB obligation: Annual required contribution (ARC) Interest on net OPEB obligation Adjustment to ARC Annual OPEB cost Contributions made Increase in net OPEB obligation Net OPEB obligation - beginning of year Net OPEB obligation - end of year Municipal Utility Retiree Retiree Health Plan Health Plan $ 100,739 $ 6,199 4,023 1,204 i1Z '71)n� ti 7nm yy,wo (25,001) - 74,057 5,663 I nn C'10 1211 1) 010 Jp 114+,0.30 JP .»,IDy The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for the last three years are as follows: lE Percentage of Annual Employer Annual OPEB Net Pension Fiscal Year Ended OPEB Cost Contribution Cost Contributed Obligation MRHP: 12/31/2009 $ 5,925 $ 2,601 44 % $ 100,696 12/31/2010 2,734 2,851 104% 100,579 12/31/2011 99,058 25,001 25% 174,636 URHP: 12/31/2009 $ 10,030 $ - - % $ 20,243 12/31/2010 9,853 - - % 30,096 12/31/2011 5,663 - % 35,759 lE