Laserfiche WebLink
CITY OF ELK RIVER,MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31,2013 <br /> Note 4: OTHER INFORMATION—CONTINUED <br /> The following summarizes the City's annual pension cost and other related information for the current year: <br /> Annual Pension Cost $197,103 <br /> Contributions Made: <br /> City $30,000 <br /> State Aid $167,103 <br /> Actuarial Valuation Date 12/31/13 <br /> Actuarial Cost Method Entry age normal <br /> Amortization Method Level dollar closed <br /> Remaining Amortization Period: <br /> Normal cost 20 years <br /> Prior service cost 5 years <br /> Asset valuation method Market <br /> Actuarial Assumptions <br /> Investment rate of return 5% <br /> Projected salary increases N/A <br /> Inflation rate N/A <br /> Cost of living adjustments None <br /> The City's annual pension cost,the percentage of annual pension cost contributed,and the net pension <br /> obligation for the Relief Association for the year ended December 31,2013 and the preceding fiscal years was <br /> as follows: <br /> Three Year Trend Information <br /> Annual Percentage <br /> Year Pension of APC Net Pension <br /> Ending Cost(APQ Contributed Obligation <br /> 12/31/11 $157,022 100% - <br /> 12/31/12 148,465 100% <br /> 12/31/13 197,103 100% <br /> c. Funded Status and Funding Progress <br /> As of December 31,2013,the actuarial accrued liability was$2,592,356. The schedule of funding progress, <br /> presented as required supplementary information following the notes to the financial statements,presents multi- <br /> year trend information about whether the actuarial value of plan assets is increasing or decreasing over time <br /> relative to the actuarial accrued liabilities for benefits. <br /> Assets in <br /> Excess of <br /> Actuarial Actuarial Actuarial (Unfunded) <br /> Valuation Value of Accrued Accrued Percentage <br /> Date Assets Liability Liability __ Funded <br /> 12/31/13 $ 2,880,579 $ 2,592,356 $ 288,223 111.i% <br /> 58 <br />