2018 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS - FIRE RELIEF ASSOCIATION

2014

2015

2016

2017

Total Pension Liability (TPL) Service cost

$

135,715 224,377

$

139,447 228,231

$

151,879 247,134 (75,511)

$

136,432 244,054

Interest

Differenced between expected and actual experience

- - -

- - - -

- -

Changes of assumptions Changes of benefit terms

31,553

-

52,084

Benefit payments, including refunds or member contributions

(599,181) (239,089)

(130,106) 224,949

(298,088) 134,482

Net change in total pension liability

367,678

Beginning of year

3,903,491 $

3,664,402 $

4,032,080 $

4,257,029 $

End of year

3,664,402 $

4,032,080 $

4,257,029 $

4,391,511 $

Plan Fiduciary Net Pension (FNP) Contributions - employer

$

341,036

$

244,626

$

247,910

$

252,336

Contributions - donations and other local

-

-

-

95

Net investment income

315,532 (599,181) (10,897)

(268,069)

385,789 (130,106) (16,676)

789,234 (298,088) (11,919)

Benefit payments, including refunds of member contributions

-

Administrative expense

(9,761)

Other

-

-

-

-

Net change in plan fiduciary net position

46,490

(33,204)

486,917

731,658

Beginning of year

5,135,900

5,182,390

5,149,186

5,636,103

End of year

5,182,390 $

5,149,186 $

5,636,103 $

6,367,761 $

Net Pension Liability (NPL)

(1,517,988) $

(1,117,106) $

(1,379,074) $

(1,976,250) $

Plan fiduciary net position as a percentage of the total pension liability

141.4% 127.7% 132.4% 145.0%

Covered employee payroll

n/a n/a

n/a n/a

n/a n/a

n/a n/a

Net pension liability as a percentage of covered payroll

The City implemented the Provisions of Governmental Accounting Standards Board Statement No. 68 for the year ended December 31, 2015. The schedules within the Required Supplementary Information section required a ten-year presentation, but does not require retroactive reporting. Information prior to 2014 is not available. Additional years will be reported as they become available.

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