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66

City of Raleigh

Financial Section

COMBINING STATEMENT OF CHANGES IN PLAN NET POSITION

Other Post

Supplemental

Employment

Money Purchase

Benefits

Pension Plan

Trust

Total 

ADDITIONS

Employer contributions

3,810,616

$            

13,949,558

$   

17,760,174

$   

Retiree contributions

2,271,037

2,271,037

Interest

2,296,276

541,554

2,837,830

Net increase (decrease) in the

fair value of investments

(2,532,413)

(729,814)

(3,262,227)

Recovery of claims

81,991

81,991

Less investment expense

(81,800)

(81,800)

Total additions

3,492,679

16,114,326

19,607,005

DEDUCTIONS

Benefits

2,686,571

16,856,010

19,542,581

Withdrawals and forfeitures

214,912

214,912

Professional services

19,425

19,425

Total deductions

2,901,483

16,875,435

19,776,918

Change in net position restricted for:

Employeesʹ retirement and other

  post‐employment benefits

591,196

(761,109)

(169,913)

Net position, beginning of year

51,101,548

28,435,573

79,537,121

Net position, end of year

51,692,744

$          

27,674,464

$   

79,367,208

$   

E. New pronouncements 

The GASB has issued pronouncements which are effective for the fiscal year ended June 30, 2016. 

The GASB has issued Statement No. 72, “Fair Value Measurement and Application.”  The requirements of this 

Statement are effective for financial statements for fiscal years beginning after June 15, 2015. Management has 

determined that the impacts of this Statement did not have a material effect on the City. 

The GASB has issued Statement No. 73, “Accounting and Financial Reporting for Pensions and Related Assets 

That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB 67 and 

68.”  The requirements of this Statement are effective for financial statements for fiscal years beginning after June 

15, 2015. There are two implementation phases related to this pronouncement. The City adopted Phase One to 

account for assets accumulated for pensions that are not administered through trusts as assets of the employer in 

committed fund balance rather than as assets of a separate pension trust fund in fiscal year ending June 30, 2016. 

Phase Two to recognize a liability for the total pension liability provided from the actuary report, as well as 

pension expense for the annual change in the total pension liability will be adopted in fiscal year ending June 30, 

2017. Management has determined that the impacts of this Statement did have a material effect on the City. 

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