2022 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

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

2017

2018

2015

2014

2016

Total Pension Liability (TPL) Service cost Interest

$

- 52,084 (298,088) 134,482 244,054 - 136,432

$

143,848 208,821

$

139,447 228,231 - - - - 367,678

$

135,715 224,377 - - -

$

151,879 247,134 (75,511) 31,553 - (130,106) 224,949

104,791 (1,807,369) (44,100) 83,689 4,391,511 (1,310,320)

Changes of benefit terms contributions Net change in total pension liability Beginning of year Benefit payments, including refunds of member Differenced between expected and actual experience Changes of assumptions

(599,181) (239,089)

$

$

3,664,402

$

3,903,491

$

4,032,080

$

4,257,029

End of year

$

3,081,191

$

4,032,080

$

3,664,402

$

4,257,029

$

4,391,511

Plan Fiduciary Net Pension (FNP) Contributions - employer

$

270,378 - (299,370) (1,807,369) (18,455) - (1,854,816)

$

244,626 - (268,069)

$

731,658 5,636,103 95 789,234 (298,088) (11,919) - 252,336

$

341,036

$

(16,676) - 486,917 5,149,186 - 385,789 (130,106) 247,910

Contributions - donations and other local

-

Net investment income contributions Administrative expense Other Additions

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

Benefit payments, including refunds of member

- (9,761)

-

(33,204)

Net change in plan fiduciary net position

46,490

6,367,761

5,135,900

5,182,390

Beginning of year

$

4,512,945

End of year

$

6,367,761

$

5,182,390

$

5,149,186

$

5,636,103

Net Pension Liability (NPL)

$

1,431,754

$

1,976,250

$

1,517,988

$

(1,117,106)

$

1,379,074

total pension liability Covered employee payroll Plan fiduciary net position as a percentage of the Net pension liability as a percentage of covered payroll

145.0%

n/a n/a 146.5%

141.4%

127.7%

132.4%

n/a n/a

n/a n/a

n/a n/a

n/a n/a

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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