Views
5 years ago

Complete Report - Fayette County Government

Complete Report - Fayette County Government

Balance Balance Current

Balance Balance Current Revenue Bond Issues July 1, 2011 Additions Reductions June 30, 2012 Portion Series 1996A s 1,190,000 s $ 920,000 $ 270,000 $ 25,000 Series 2002 19,160,000 515,000 18,645,000 1,480,000 Series 2009 34,730,000 1,675,000 33,055,000 1,750,000 Series 2012A 8,070,000 8,070,000 Total Revenue Bonds $55,080,000 $8,070,000 $3,110,000 $60,040,000 $3,255,000 Less Deferred Amounts for: Refunding Charges (1,596,728) (158,776) (1,437,952) Bond Discounts / Premiums (Net) 1,382,192 1,073,050 89,776 2,365,466 Net Revenue Bonds $54,865,464 $9,143,050 $3,041,000 $60,967,514 f) Schedule of Future Debt Service Payments At June 30, 2012, the County was obligated to make payments of principal and interest on its outstanding water revenue bond debt as follows: Total Debt Fiscal Years Ending June 30, Principal Interest Service 2013 $ 3,255,000 $ 2,576,528 $ 5,831,528 2014 3,375,000 2,489,436 5,864,436 2015 3,470,000 2,355,097 5,825,097 2016 3,545,000 2,199,697 5,744,697 2017 3,675,000 2,039,209 5,714,209 2018 - 2022 20,560,000 7,488,031 28,048,031 2023 - 2027 17,100,000 2,685,088 19,785,088 2028 - 2032 4,725,000 517,709 5,242,709 2033 335,000 8,584 343,584 Total Debt Service $60,040,000 $22,359.379 $82,399,379 Early Termination Benefits: In response to the rising cost of personnel and budgetary concerns over falling revenues due to a declining real property tax digest, the County completed an early retirement incentive program prior to the end of the 2012 fiscal year. To be eligible for the early termination benefit, an employee had to be at least 55 years of age and have a minimum of 20 years of service with the County, Out of the 44 employees that met the criteria, 32 chose to accept the retirement package and their employment with the County was terminated on June 30, 2012. As an incentive to retire early, these employees receive health coverage until age 65, are credited with an additional five years of service and were given an unreduced retirement benefit due to their age, The net present value of the estimated future health coverage benefit is $477,437 with $106,015 due in the 2013 fiscal year. As determined by the defined benefit plan's actuary, the estimated additional pension liabil ity associated with the early te rmination program was $2,880,000. In keeping with the Board's Resolution for the program dated March 22, 2012 and its commitment to - 53 -

not adverse ly impact fu tu re operat ing budget s, t his amount was deposit ed by t he County into t he Defi ned Benefit Pension Plan on October 26, 2012. Changes in Lang-Term Liabilities: The following tabular information is a reconciliation of debt disclosures present ed above to amou nts reported in t he Statement of Net Assets: Balance Balance Current July 1. 2011 Additions Reductions June 30. 2012 Portion Revenue Bonds $55,080,000 $8,070,000 $3,110,000 $60,040,000 $3,255,000 Less Deferred Amounts for: Refunding Charges (1,596,728) (158,776) (1,437,952) Bond Discounts/ Premiums (Net) 1.382.192 1.073,050 89.776 2,365.466 Total Revenue Bonds Payable $54,865,464 $9,143,050 $3,041,000 $60,967,514 $3,255,000 Compensated Absences 157,696 21,876 31,915 147,657 31,376 Early Termination Benefits 33,222 33.222 7.767 NonCurrent Liabilities 555,023.160 59.198.148 53.072.915 561.148.393 53.294.143 NOTE IV. - OTHER INFORMATION As mentioned in Note 1. A" th e System is an Enterprise Fund of Fayette Count y, Georgia and, accordingly, t he information contai ned within this section is shown for t he County as a whole. A. Risk M anagement Fayette County, Georgia is exposed to various risks of loss related t o t orts; theft of, damage to and destruction of assets; errors and omissi ons; and natural disasters for which the County carries commercial insurance. Settled claims have not exceeded purchased commercial insurance coverage in any of the past three years. The County established a limited risk manag ement program for w orkers' compensation du ring t he 1988 fiscal year. The purpose of the Worker's Comp ensat ion Self-Insurance Internal Service Fund is to pay w orkers' compensati on claims from accumulated assets of the fund and minimize the total cost of workers' compensati on insurance t o the Count y. Specific and aggregate excess insurance is provi ded through a private insurance carrier. The County initiated its Dental Self-Insurance Internal 5ervice Fund in the 1991 fiscal year. The purpose of this fund was to pay claims for employees for certain health care expenses incurred up to a maximum of $1,000 per covered individual. Claims are handled by a t hird party administrator as of June 1, 2005. - 54-

Download the 2011 Annual Report - Fayette County Government
Integrating Transportation Decisions - Fayette County Government
UPDATE Changes in Transparency - Fayette County Government
School Funding - Fayette County Schools
2010 Annual Report - Erie County Water Authority
Annual Report 2008 (complete) - RTA - NSW Government
2005 Annual Report - Erie County Water Authority
Fiscal Year Ended 2008 - Fairfax County Government
Comprehensive Annual Financial Report - Las Vegas-Clark County ...
Comprehensive Annual Financial Report - Orange County Water ...
FY2012 CAFR - Fairfax County Government
RTA Annual Report 2009 Complete - RTA - NSW Government
Tarrant County College District Comprehensive Annual Financial ...
Conservation Conversation - Dec. 2012 - Jan. 2013 - Fayette County ...
FY2011 CAFR - Fairfax County Government
2010 Debt Report - Volusia County Government
Rock Valley College Comprehensive Annual Financial Report ...
Audit/Comprehensive Annual Financial Report - Gaston County ...
Comprehensive Annual Financial Report - Harford County Public ...
Annual Report 2001 - Kansas City International Airport
FY 2009 Comprehensive Annual Financial Report - Harford County ...
Annual Financial Report Cover 2007-08.indd - Harford County ...
Comprehensive Annual Financial Report - Las Vegas-Clark County ...
2004 Annual Report - Erie County Water Authority
Annual Report 2004 - RTA - NSW Government
Park Authority Mission - Fairfax County Government
Download "AR12_web.pdf" - Snohomish County PUD
2011 CAFR - Unified Government of Wyandotte County / Kansas ...
2010 Comprehensive Annual Finance Report - Cook County