ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 105
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 7 - Deferred Compensation Plan
The City offers its employees a deferred compensation plan created by Internal Revenue
Code Section 457. The plan, available to all City employees, permits them to defer a portion
of their salary until future years. The deferred compensation is not open to employees until
termination, retirement, death, or unforeseeable emergency.
Plan amendments have been made to comply with IRC Section 457, as amended by the
1996 changes to the tax code. The assets are held in various custodial accounts. All
amounts of compensation deferred under the plan, all property and rights purchased with
those amounts, and all income attributable to those amounts, property, or rights are solely
the property and rights of the various participants of the plan.
Note 8 - Risk Management
Property, Casualty, Liability and Workers’ Compensation
The City is exposed to various claims and losses, including property damage, liability, and
workers' compensation, for which it participates in an insurance pool with other State of
Florida cities. Premiums are determined based on each city's loss ratio for the previous
year. The pool, although largely self-insured, purchases excess coverage from commercial
carriers.
During the last five years, the experience rate as it relates to the loss fund set up by the
City’s insurance provider is as follows:
Loss Fund Analysis Valuation as of September 30, 2021
Ye ar
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2006
2005
Loss Fund
$
759,980
703,685
651,560
627,707
604,727
525,941
543,640
496,482
436,122
396,475
500,000
628,585
477,351
292,667
398,766
300,736
$
8,344,424
Expe rie nce
$
385,400
201,830
375,464
833,371
559,974
170,149
60,392
602,568
319,823
358,038
427,689
824,500
393,171
1,332,130
772,099
583,425
$
8,200,023
95
Pe rce ntage Use
of Loss Fund
50.71%
28.68%
57.63%
132.76%
92.60%
32.35%
11.11%
121.37%
73.33%
90.31%
85.54%
131.17%
82.37%
455.17%
193.62%
194.00%
98.27%