ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 76
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Plans (Continued)
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Contributions
The FRS has nine (9) classes of membership. Only two (2) classes are applicable to
the City’s eligible employees. These two (2) classes, with descriptions and
contribution rates in effect during the period ended September 30, 2020, are as
follows:
Regular
7/1/18 through 6/30/19
7/1/19 through 6/30/20
7/1/20 through present
DROP
8.26%
8.47%
10.00%
14.30%
14.60%
16.98%
The City’s contributions to FRS for the years ended September 30, 2020, 2019 and
2018 were, $68,375, $67,366 and $64,946, respectively, and equal the required
contributions for each year.
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Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and
Deferred Inflows of Resources Related to Pensions - At September 30, 2020, the
City reported an FRS pension liability of $739,837 for its proportionate share of the
Pension Plan’s net pension liability. The net pension liability was measured as of
June 30, 2020, and the total pension liability used to calculate the net pension liability
was determined by an actuarial valuation as of July 1, 2020. The City’s
proportionate share of the net pension liability was based on the City’s 2019-20
fiscal year contributions relative to the 2018-19 fiscal year contributions of all
participating members. The City’s proportionate share was .0000178% and
.00001708%, at June 30, 2020 and June 30, 2019, respectively.
FRS
Proportionate Share of Net Pension
$
739,837
City's proportion at June 30, 2020
City's proportion at June 30, 2019
Change on proportion during current year
0.00001709
0.00001783
-0.00000074
For the fiscal year ended September 30, 2020, the City recognized pension expense
of $96,884. In addition, the City reported deferred outflows of resources and deferred
inflows of resources related to pensions from the following sources:
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