ACFR FY 2023 Final - Flipbook - Page 97
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 7 - Pension Plans (Continued)
The City9s contributions to the HIS Plan totaled $5,787 for the oscal year ended September 30,
2023ÿ
ï
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
On September 30, 2023, the City reported a liability of $139,556 for its proportionate share of the
HIS plan9s net pension liabilityÿ The net pension liability was measured as of June 30, 2023ÿ The
total pension liability used to calculate the net pension liability was determined by an actuarial
valuation, updated to 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. On June 30, 2023, the City9s proportionate share was 0.00088%.
proportionate Share of Net pension
City9s proportion at June 30, CY
City9s proportion at June 30, pY
Change on proportion during current year
$
HIS
139,556
0ÿ00000879
0ÿ00001006
-0ÿ00000128
For the oscal year ended September 30, 2023, the City recognized a pension beneot of $22,806. In
addition, the City reported deferred outflows of resources and deferred inflows of resources related
to pensions from the following sources:
HIS Deferred
HIS Deferred
Outflows of
Inflows of
Resources
Resources
$
2,043 $
(328)
3,669
(12,093)
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
$
72
1,859
7,643 $
(74,863)
(87,284)
The deferred outflows of resources related to the HIS plan, totaling $1,859 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 oscal year ended September 30, 2024.
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, 2023:
2024
2025
2026
2027
2028
Thereafter
Total
Back to TOC
Deferred Outflow /
Inflow Amount
$
(22,734)
(19,769)
(17,140)
(14,371)
(6,702)
(784)
$
(81,500)
Annual Comprehensive Financial Report | September 30, 2023
97
