ACFR FY 2022 FINAL BOOK - Flipbook - Page 92
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 a liability of $106,597 for its proportionate share of the
HIS plan’s net pension liability� The net pension liability was measured as of June 30, 2022� The
total pension liability used to calculate the net pension liability was determined by an actuarial
valuation, updated to 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� On June 30, 2022, the City’s proportionate share was 0�00101%�
proportionate Share of Net pension
City’s proportion at June 30, 2022
City’s proportion at June 30, 2021
Change on proportion during current year
$
HIS
City Total
106,597 $
466,875
0�00001006
0�00001454
-0�00000448
For the fiscal year ended September 30, 2022, the City recognized a pension benefit of $27,406� 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
$
HIS Deferred
Outflows of
Resources
3,235 $
3,879
154
$
1,491
8,759 $
HIS Deferred
Inflows of
Resources
(469)
(16,490)
(85,682)
(102,641)
The deferred outflows of resources related to the HIS plan, totaling $8,759 resulting from City contributions to the HIS plan after the measurement date, will be recognized as a reduction of the net
pension liability in the fiscal year ended September 30, 2023�
Other amounts reported as deferred outflows of resources and deferred inflows of resources
($102,641), related to the HIS plan will be recognized in pension expense as follows:
Fiscal Year Ending
September 30, 2022:
2023
2024
2025
2026
2027
Thereafter
Total
92
Deferred Outflow /
Inflow Amount
$
(23,283)
(20,240)
(17,209)
(14,648)
(12,043)
(7,950)
$
(95,373)
Annual Comprehensive Financial Report | September 30, 2022