ACFR FY 2023 Final - Flipbook - Page 106
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 6ÿ80% and 7ÿ55% for the police
Ofocers9 and the Fireoghters9 Plans, respectively. The projection of cash flows used to determine the
discount rate assumed that plan member contributions would be made at the current contribution
rate and that sponsor contributions will be made at rates equal to the difference between actuarially
determined contribution rates and the member rateÿ based on those assumptions, the pension plan9s
oduciary net position was projected to be available to make all projected future beneot payments of
current plan membersÿ Therefore, the long-term expected rate of return on pension plan investments
was applied to all periods of projected beneot payments to determine the total pension liability.
The following presents the sensitivity of the net pension liability of the City to a change in the
discount rate:
Current Single Discount
Police Ofocers9 Plan
Sponsor9s Net pension Liability
Fireoghters9 Plan
Sponsor9s Net pension Liability
$
1% Decrease
Rate Assumption
5.80%
6.80%
14,959,193 $
10,143,707 $
1% Increase
7.80%
6,233,015
$
1% Decrease
6.55%
4,825,739 $
1% Increase
8.55%
682,930
Rate
7.55%
2,314,282 $
Summary of Deoned Pension Plans
As of September 30, 2023
FRS and HIS
Governmental
business Type
FRS - Total
police pension plan
Fireoghters9 Pension Plan
Total
106
Net Pension
Liability
$
Deferred
Inflows
Deferred
Outflows
Pension
Expense
$
314,739 $
184,835
499,574 $
178,190 $
63,788
241,978 $
94,828 $
94,828 $
72
246
318
$
10,143,707
2,314,282
12,457,989 $
317,625
570,029
887,654 $
3,000,006
1,435,766
4,435,772 $
2,349,217
922,916
3,272,133
Annual Comprehensive Financial Report | September 30, 2023
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