ACFR FY 2022 FINAL BOOK - Flipbook - Page 89
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
●
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
On September 30, 2022, the City reported an FRS’s pension liability of $360,946 for its proportionate
share of the pension plan’s net pension liability� The net pension liability was measured as of June 30,
2022, and the total pension liability used to calculate the net pension liability was determined by an
actuarial valuation as of July 1, 2022� The City’s proportionate share of the net pension liability was
based on the City’s 2021-22 fiscal year contributions relative to all participating members’ 2020-21
fiscal year contributions� The City’s proportionate share was �00000970% and �00001505% on June
30, 2022, and June 30, 2021, respectively�
FRS
proportionate Share of Net pension
City’s proportion at June 30, 2022
City’s proportion at June 30, 2021
Change in proportion during current
year
$
360,946 $
0�00000970
0�00001505
City Total
466,875
-0�00000535
For the fiscal year ended September 30, 2022, the City recognized a pension benefit of $43,494� In
addition, the City reported deferred outflows of resources and deferred inflows of resources related
to pensions from the following sources:
Description
Differences between expected and actual experience
$
Change of assumptions
Net difference between projected and actual earnings on pension plan
investments
Changes in proportion and differences between City pension plan contributions and proportionate share of contributions
City pension plan contributions subsequent to the measurement date
Total
$
FRS Deferred
Outflows of
Resources
17,143 $
46,684
23,833
477
10,462
98,599 $
FRS Deferred
Inflows of
Resources
1,496
(190,804)
(189,308)
The deferred outflows of resources related to the pension plan, totaling $98,599 resulting from City
contributions to the plan after the measurement date, will be recognized as a reduction of the net
pension liability on September 30, 2023� Other amounts reported as deferred outflows of resources
and deferred inflows of resources ($189,308), related to the pension plan will be recognized in
pension expenses as follows:
Fiscal Year Ending
September 30, 2022:
2023
2024
2025
2026
2027
Total
Annual Comprehensive Financial Report | September 30, 2022
Deferred Outflow /
Inflow Amount
$
(29,929)
(40,920)
(50,147)
26,199
(6,374)
$
(101,171)
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