City of Raleigh
COMBINING STATEMENT OF CHANGES IN PLAN NET POSITION
Net increase (decrease) in the
fair value of investments
Recovery of claims
Less investment expense
Withdrawals and forfeitures
Change in net position restricted for:
Employeesʹ retirement and other
Net position, beginning of year
Net position, end of year
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.