ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 88
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Funds (Continued)
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Contributions – The HIS Plan is funded by required contributions from FRS
participating employers set by the Florida Legislature. Employer contributions are a
percentage of gross compensation for all active FRS members. For the fiscal year
ended September 30, 2021, the HIS contribution for October 1, 2020, through June
30, 2021, and from July 1, 2020, through September 30, 2020, was .00145% and
00168%, respectively. The City contributed 100% of its statutorily required
contributions for the current and preceding three years. HIS Plan contribution is
deposited in a separate trust fund from which payments are authorized. HIS Plan
benefits are not guaranteed and are subject to annual legislative appropriation. If
legislative appropriation or available funds fail to provide full subsidy benefits to all
participants, benefits may be reduced or canceled.
The City’s contributions to the HIS Plan totaled $8,549 for the fiscal year ended
September 30, 2021.
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Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and
Deferred Inflows of Resources Related to Pensions
On September 30, 2021, the City reported a liability of $178,416 for its proportionate
share of the HIS Plan’s net pension liability. The net pension liability was measured
as of June 30, 2021. The total pension liability used to calculate the net pension
liability was determined by an actuarial valuation as of July 1, 2020, updated to 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. On June 30, 2021, the City's proportionate share was
.00145%.
HIS
Proportionate Share of Net Pension
$
178,416
City's proportion at June 30, 2021
City's proportion at June 30, 2020
Change on proportion during current year
0.00001454
0.00001683
-0.00000229
City Total
$
291,440
For the fiscal year ended September 30, 2021, the City recognized a pension benefit
of $21,887. 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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