ACFR FY 2023 Final - Flipbook - Page 94
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
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Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
On September 30, 2023, the City reported an FRS pension liability of $360,686 for its proportionate
share of the pension plan9s net pension liabilityÿ The net pension liability was measured as of June 30,
2023, and the total pension liability used to calculate the net pension liability was determined by an
actuarial valuation as of July 1, 2023ÿ The City9s proportionate share of the net pension liability was
based on the City9s 2022-23 oscal year contributions relative to all participating members9 2021-22
oscal year contributions. The City9s proportionate share was .00000905% and .00000970% on June
30, 2023, and June 30, 2022, respectivelyÿ
proportionate Share of Net pension
City9s proportion at June 30, 2023
City9s proportion at June 30, 2022
Change in proportion during current
year
$
FRS
360,686
0ÿ00000905
0ÿ00000970
-0ÿ00000065
For the oscal year ended September 30, 2023, the City recognized a pension beneot of $38,450. In
addition, the City reported deferred outflows of resources and deferred inflows of resources related
to pensions from the following sources:
FRS Deferred
FRS Deferred
Outflows of
Inflows of
Description
Resources
Resources
Differences between expected and actual experience
$
33,865 $
Change of assumptions
23,512
Net difference between projected and actual earnings on pension plan
investments
15,063
Changes in proportion and differences between City pension plan contributions and proportionate share of contributions
(154,693)
City pension plan contributions subsequent to the measurement date
Total
$
72,440 $
(154,693)
Other amounts reported as deferred outflows of resources and deferred inflows of resources, related
to the pension plan will be recognized in pension expenses as follows:
Fiscal Year Ending
September 30, 2023:
2024
2025
2026
2027
2028
Total
94
Deferred Outflow /
Inflow Amount
$
(42,321)
(50,560)
21,259
(11,199)
568
$
(82,253)
Annual Comprehensive Financial Report | September 30, 2023
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