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r <br />i^ It? Sf. <br />I ‘ <br />k <br />¥ <br />f-’' <br />H <br />3 <br />f }•L* <br />CITY OF ORONO, MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1996 <br />NOTE 8 - DEFINED BENEFIT PENSION PLANS - STATEWIDE (CONTINUED) <br />PERA issues a publicly available financial repon that includes financial statements and required <br />supplementary information for PERF and PEPFF. That repon may be obtained by writing to PERA, 514 <br />St. Peter Street #200, St. Paul, Minnesota 55102 or by calling (612) 296-7460 or 1-800-652-9026. ’ <br />B. Funding Policy <br />Miimesota Stamtes Chapter 353 sets the rates for employer and employee contributions. These statutes are <br />established and amended by the state legislature. The City makes annual contributions to the pea«ion plans <br />equal to the amount required by state statutes. PERF Basic Plan members and Coordinated Plan members <br />are required to contribute 8.23% and 4.23%, respectively, of their annual covered salary. PEPFF <br />members are required to contribute 7.60% of their annual covered salary. The City of Orono is required <br />to contribute the following percentages of annual covered payroll: 10.73% for Basic Plan PERF members <br />4.48% for Coordinated Plan PERF members, and 11.40% for PEPFF members. The City ’s contributions <br />for the years ended December 31, 1996, 1995, and 1994 were $131,818, $127,447, and $123,339, <br />respectively, equal to the contractually required contributions for each year as set by statute. <br />NOTE 9 - INDIVIDUAL FUND DISCLOSURES <br />A. Interfund Receivables and Payables at Year-End <br />Interfund Interfund <br />Receivables Payables <br />General Fund $$ 12,295 <br />»» mtJ Debt Service Fund <br />—j 1995 Refunding Bonds <br />Capital Project Funds <br />12,295 - <br />i <br />Minnesota State-Aid Streets <br />Construction 157,800 <br />Permanent Improvement Revolving 157,800 <br />$ 170.095 $ 170.095 <br />B. Deficit Fund Balance <br />The Minnesota State-Aid Streets Construction Capital Project Fund had a deficit fund balance of <br />$105,713 at December 31, 1996. This deficit will be eliminated through reimbursements of project <br />costs from state-aid construction revenue or transfers from other funds. <br />-45- <br />I