2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

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

2014

2018

2015

2017

2016

Total Pension Liability (TPL) Service cost Interest

$

135,715 224,377 - - -

$

143,848 208,821 (44,100) 83,689 104,791

$

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

$

136,432 244,054 - - 52,084

$

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

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

(599,181) (239,089)

(1,807,369) (1,310,320)

134,482 (298,088)

$

3,903,491

$

3,664,402

Beginning of year

$

4,391,511

$

4,032,080

$

4,257,029

End of year

$

3,664,402

$

4,032,080

$

4,257,029

$

4,391,511

$

3,081,191

Plan Fiduciary Net Pension (FNP) Contributions - employer

$

341,036

$

244,626

$

247,910 - 385,789

$

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

$

252,336 95 789,234

Contributions - donations and other local

-

-

(268,069)

Net investment income

315,532

Benefit payments, including refunds of member

- (9,761)

(16,676) - 486,917 (130,106)

contributions Administrative expense Other Additions

(298,088) (11,919)

(599,181) (10,897) -

-

-

46,490

(33,204)

Net change in plan fiduciary net position

731,658

5,135,900

5,182,390

5,149,186

5,636,103

6,367,761

Beginning of year

$

5,149,186

$

4,512,945

$

5,182,390

$

5,636,103

$

6,367,761

End of year

$

1,431,754

$

1,517,988

$

1,379,074

$

1,976,250

$

(1,117,106)

Net Pension Liability (NPL)

Plan fiduciary net position as a percentage of the

145.0%

146.5%

127.7%

132.4%

total pension liability Covered employee payroll

141.4%

n/a n/a

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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