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CITY OF ORONO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br /> <br /> <br />(52) <br /> <br />NOTE 8 DEFINED BENEFIT PENSION PLANS – STATE-WIDE (CONTINUED) <br />G. Pension Liability Sensitivity <br />The following presents the Town’s proportionate share of the net pension liability for all <br />plans it participates in, calculated using the discount rate disclosed in the preceding <br />paragraph, as well as what the Town’s proportionate share of the net pension liability <br />would be if it were calculated using a discount rate 1 percentage point lower or 1 <br />percentage point higher than the current discount rate: <br /> <br />Description <br />1% Decrease in <br />Discount Rate (6.90%) <br />Current Discount Rate <br />(7.90%) <br />1% Increase in <br />Discount Rate (8.90%) <br />City’s Proportionate Share of the GERF Net <br />Pension Liability 2,159,422$ 1,373,368$ 724,207$ <br />City’s Proportionate Share of the PEPFF Net <br />Pension Liability 5,115,569 2,624,701 566,809 <br />H. Pension Plan Fiduciary Net Position <br />Detailed information about each pension plan’s fiduciary net position is available in a <br />separately-issued PERA financial report that includes financial statements and required <br />supplementary information. That report may be obtained on the Internet at <br />www.mnpera.org; by writing to PERA at 60 Empire Drive #200, St. Paul, Minnesota, <br />55103-2088; or by calling (651) 296-7460 or 1-800-652-9026. <br /> <br /> <br />NOTE 9 FUND BALANCES <br />Certain portions of fund balance are restricted to provide for funding on certain long-term <br />liabilities or as required by other outside parties. Restricted, Committed and Assigned fund <br />balances at December 31, 2015 are as follows: <br /> <br />A. Restricted for Debt Service – This represents amounts which are restricted for future <br />debt payments. <br /> <br />B. Restricted for Parkland Acquisitions and Improvements – Represents amounts <br />which are received through park dedication fees and are restricted for parkland <br />acquisitions and improvements. <br /> <br />C. Restricted for Drug and Alcohol Law Enforcement – Represents amounts received <br />from the State of Minnesota’s Drug and Alcohol Task Force which are restricted for drug <br />and alcohol related law enforcement. <br /> <br />D. Restricted for Home Buyer Purchase Assistance – Represents amounts assigned for <br />various home buyer assistance programs. <br /> <br />E. Restricted for Lurton Park Development and Maintenance – Represents amounts <br />restricted for the development and maintenance of Lurton Park as a stipulation of the <br />land donation to the City. <br /> <br />F. Restricted for Senior Housing – Represents amounts related to Tax Increment <br />Financing District 1-1 and which are restricted to provide housing opportunities for <br />seniors within the City. Its funding source is the property taxes on the captured value.