6.1. SR 06-03-2013 - Laserfiche WebLink

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CITY OF ELK RIVER,MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2012 Note 4: OTHER INFORMATION—CONTINUED The following summarizes the City's annual pension cost and other related information for the current year: Annual Pension Cost $148,465 Contributions Made: City $30,000 State Aid $118,465 Actuarial Valuation Date 12/31/12 Actuarial Cost Method Entry age normal Amortization Method Level dollar closed Remaining Amortization Period: Normal cost 20 years Prior service cost 5 years Asset valuation method Market Actuarial Assumptions Investment rate of return 5% Projected salary increases N/A Inflation rate N/A Cost of living adjustments None The City's annual pension cost,the percentage of amival pension cost contributed,and the net pension obligation for the Relief Association for the year ended December 31,2012 and the preceding fiscal years was as follows: Three Year Trend Information Annual Percentage Year Pension of APC Net Pension Ending Cost(APC) Contributed Obligation 12/31/10 $ 131,255 100% - 12/31/11 157,022 100% - 12/31/12 148,465 100% - c. Funded Status and Funding Progress As of December 31,2012,the actuarial accrued liability was$2,551,430,of which$95,119 was unfunded. The schedule of funding progress,presented as required supplementary information following the notes to the financial statements,presents multi-year trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Assets in Excess of Actuarial Actuarial Actuarial (Unfunded) Valuation Value of Accrued Accrued Percentage Date Assets Liability Liability Funded 12/31/12 $ 2,456,311 $ 2,551,430 $ (95,119) 96.3% 58