ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 87
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 5 - Pension Plans (Continued)
For the year ended September 30, 2020, the City will recognize pension expense of
$1,372,120 and $519,544 for Police and Firefighters, respectively.
On September 30, 2020, the City reported Deferred Outflow of Resources and Deferred
Inflow for Police and Fire Department Resources related to pensions from the following
sources:
Police Officers
Deferred
Outflows of
Resources
Differences between Expected and Actual Experience
Changes of assumptions
Net difference between Projected and Actual Earnings on Pension
Plan Investments
Total
$
$
38,821
402,650
1,698,459
2,139,930
Deferred
Inflows of
Resources
$
$
(704,877)
(2,953)
(707,830)
Amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources related to
pensions will be recognized in Pension Expense as follows:
Year ended September 30, 2020:
2021
2022
2023
2024
Total
70
$
$
285,926
359,492
464,948
321,734
1,432,100
