ACFR FY 2023 Final - Flipbook - Page 112
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 8 - Other Postemployment Beneots (Continued)
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related
to OPEB
For the year ended September 30, 2023, the City recognized OpEb expense of $59,090ÿ On September
30, 2023, the City had deferred outflows of resources and deferred inflows of resources related to
OpEb from the following sources:
Deferred
Outflows of
Resources
Differences between Expected and Actual Experience
Changes in Assumptions
Contributions Subsequent to the measurement Date
$
$
284,761
561,656
128,305
974,722
Deferred
Inflows of
Resources
$
$
(923,062)
(488,251)
(1,411,313)
Deferred inflows of resources shown above will be recognized in OpEb expense in the following
years:
Fiscal Year Ending:
September 30, 2024
September 30, 2025
September 30, 2026
September 30, 2027
September 30, 2028
Thereafter
Total
$
$
(81,703)
(81,701)
15,537
(142,318)
(142,316)
(132,395)
(564,896)
Note 9 - Deferred Compensation Plan
The City offers its employees a deferred compensation plan created by Internal Revenue Code Section
457ÿ The plan, available to all City employees, permits them to defer a portion of their salary until
future yearsÿ The deferred compensation is not open to employees until termination, retirement,
death, or unforeseeable emergencyÿ
plan amendments have been made to comply with IRC Section 457, as amended by the 1996 changes
to the tax codeÿ The assets are held in various custodial accountsÿ All amounts of compensation
deferred under the plan, all property and rights purchased with those amounts, and all income
attributable to those amounts, property, or rights are solely the property and rights of the various
participants of the planÿ
112
Annual Comprehensive Financial Report | September 30, 2023
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