ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 80
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Plans (Continued)
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Contributions – The HIS Plan is funded by required contributions from FRS
participating employers as set by the Florida Legislature. Employer contributions are
a percentage of gross compensation for all active FRS members. For the fiscal year
ended September 30, 2020, the HIS contribution for the period October 1, 2018
through June 30, 2019 and from July 1, 2019 through September 30, 2020 was
.00168%and .00176 % respectively. The City contributed 100% of its statutorily
required contributions for the current and preceding three years. HIS Plan
contribution are deposited in a separate trust fund from which payments are
authorized. HIS Plan benefits are not guaranteed and are subject to annual legislative
appropriation. In the event legislative appropriation or available funds fail to provide
full subsidy benefits to all participants, benefits may be reduced or cancelled.
The City’s contributions to the HIS Plan totaled $9,574 for the fiscal year ended
September 30, 2020.
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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 a liability of $205,486 for its proportionate share of the HIS 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. At June 30, 2020,
the City's proportionate share was .0000168%.
HIS
Proportionate Share of Net Pension
$
205,486
City's proportion at June 30, 2020
City's proportion at June 30, 2019
Change on proportion during current year
0.00001683
0.00001757
-0.00000074
For the fiscal year ended September 30, 2020, the City recognized pension benefit
of $16,911. In addition, the City reported deferred outflows of resources and deferred
in flows of resources related to pensions from the following sources:
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