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The total payments for the past five years are as follows:
<br /> State City
<br /> Contribution Contribution Total
<br /> 2017 $182,297 $30,000 $212,297
<br /> 2016 179,192 30,000 209,192
<br /> 2015 174,826 30,000 204,826
<br /> 2014 164,825 30,000 194,825
<br /> 2013 167,103 30,000 197,103
<br /> For more information regarding the liability of the City with respect to its employees, please reference
<br /> "No e 9, Defined Pension Plans—State-Wide," "Note 10, Defined Contribution Plan," "Note 11, Defined
<br /> Ben-fit Pension Plans — Fire Relief Association," and "Required Supplementary Information" of the
<br /> Ci 's Comprehensive Annual Financial Report for fiscal year ended December 31, 2017, an excerpt of
<br /> whi,h is included as Appendix IV of this Official Statement.
<br /> GA'B 68
<br /> The Government Accounting Standards Board (GASB) has issued Statement No. 68, Accounting and
<br /> Fin.ncial Reporting for Pensions (GASB 68) and related GASB Statement No. 71, Pension Transition for
<br /> Con ributions Made Subsequent to the Measurement Date-an amendment to GASB 68, which revised
<br /> exis ing standards for measuring and reporting pension liabilities for pension plans provided to City
<br /> employees and require recognition of a liability equal to the City's proportionate share of net pension
<br /> liab lity, which is measured as the total pension liability less the amount of the pension plan's fiduciary
<br /> net position.
<br /> The City's proportionate shares of the pension costs and the City's net pension liability for GERF and
<br /> PE'I F for the past four years are as follows:
<br /> GERF PEPFF
<br /> Proportionate Net Proportionate Net
<br /> Share of Pension Share of Pension
<br /> Pension Costs Liability Pension Costs Liability
<br /> 2017 0.1505% $ 9,611,075 0.314% $ 4,239,374
<br /> 2016 0.1426 11,578,084 0.306 12,280,312
<br /> 2015 0.1429 7,405,511 0.304 3,454,151
<br /> 2014 0.1577 7,407,964 0.299 3,229,323
<br /> For more information regarding GASB 68 with respect to the City, please reference please reference
<br /> "No e 9, Defined Pension Plans — State-Wide" and "Required Supplementary Information" of the City's
<br /> Co iprehensive Annual Financial Report for fiscal year ended December 31, 2017, an excerpt of which is
<br /> incl ded as Appendix IV of this Official Statement.
<br /> Ada itional and detailed information about GERF's net position is available in a separately-issued PERA
<br /> fin. cial report, which may be obtained at www.mnpera.org; by writing to PERA at 60 Empire Drive
<br /> 4201, Saint Paul, Minnesota, 55103-2088; or by calling 1-800-652-9026.
<br /> 201: Omnibus Retirement Bill
<br /> On Thursday, May 31, 2018, Minnesota Governor Mark Dayton signed into law the 2018 Omnibus
<br /> Retie ement Bill, which includes sustainability measures for all four of the State's public pension systems,
<br /> incl ding PERA. The City anticipates this legislation will have some level of positive impact on the
<br /> proportionate share of pension costs and net pension liability for GERF for the fiscal year ending
<br /> Dec-mber 31,2018 and thereafter.
<br /> Sou ces: City's Comprehensive Annual Financial Reports.
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