ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 84
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Funds (Continued)
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Contributions
The FRS has nine (9) classes of membership. Only two (2) classes apply to the City’s
eligible employees. These two (2) classes, with descriptions and contribution rates in
effect during the period ended September 30, 2021, are as follows:
Regular
7/1/20 through 6/30/21
7/1/21 through 9/30/21
10.00%
10.82%
DROP
16.98%
18.34%
The City’s contributions to FRS for the years ended September 30, 2021, 2020, and
2019 were $57,339, $68,375, and $67,366, respectively, and equal the required
contributions for each year.
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Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and
Deferred Inflows of Resources Related to Pensions
On September 31, 2021, the City reported an FRS’s pension liability of $113,024 for
its proportionate share of the Pension Plan’s net pension liability. The net pension
liability was measured as of June 30, 2021, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of July
1, 2021. The City’s proportionate share of the net pension liability was based on
the City’s 2020-21 fiscal year contributions relative to all participating members'
2019-20 fiscal year contributions. The City’s proportionate share was .00001505%
and .00001709% on June 30, 2021, and June 30, 2020, respectively.
For the fiscal year ended September 30, 2021, the City recognized a pension benefit
of $96,471. In addition, the City reported deferred outflows of resources and deferred
inflows of resources related to pensions from the following sources:
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