5 years ago

Complete Report - Fayette County Government

Complete Report - Fayette County Government

Current Funded Status.

Current Funded Status. As of the most recent valuation date, January 1, 2012, the funded status of the Plan was as follows: Actuarial Surplus / UAAL as a Actuarial Accrued Unfunded Percentage Actuarial Value Of Liability AAL Funded Covered Of Covered Valuation Assets (AAL) (UAAL) Ratio Payroll Payroll Date ( a ) (b) ( b - a) (a / b) ( c ) ((b-al!c) January 1, 2012 $22,388,253 $20,270,412 $(2,117,841) 110.4% $31,009,475 (6.8%) Annual Pension Cost and Net Pension Asset. The County's annual pension cost and net pension asset for the most recent plan and fiscal years were determined as follows: Derivation of Annual Pension Cost: Annual Required Contribution Interest on Net Pension Asset Amortization of Net Pension Obligation Annual Pension Cost Derivation of Net PensionAsset: Net Pension Asset- Beginning of the Year Annual Pension Cost for Fiscal Year Actual Contributions to Pian for Fiscal Year Increase in Net PensionAsset Net PensionAsset- End of the Year 2012 $777,081 (62,307) 66,668 $781.442 Three Year Trend Information for the Defined Benefit Pension Plan: Annual Percentage Net For Fiscal Pension OfAPC Pension Period Ending Cost (APC) Contributed Asset June 30, 2010 $596,470 200.36% $ 598,631 June 30, 2011 762,568 159.09% 1,049,200 June 30, 2012 781,442 157.14% 1,495,687 Fiscal Year EndedJune 30 2011 $760,869 (24,272) 25.971 $762.568 2010 $596,470 $596.470 Fiscal Year Ended June 30 2012 2011 2010 $1,049,200 $ 598.631 >:-$ _ $(781,442) $(762,568) $(596,470) 1.227.929 1,213.137 1.195.101 $ 446.487 $ 450.569 $ 598.631 $1.495,687 $1,049,200 $ 598.631 In conjunction with the defined benefit plan, the County offers a defined contribution plan administered by Mass Mutual. The 401(a) pension plan is a defined contribution plan that covers substantially all full time County employees. Under the current provisions, the County will match contributions made by an employee to the deferred compensation plan on a 1-for-2. basis up to a maximum contribution by the County of 2.5%. Contributions are calculated and made on a biweekly payroll basis. During the fiscal year, employees contributed $1,818,263 to the defined contribution - 59 -

plan and the County contributed $613,057 in matching funds. The Board of Commissioners establishes matching percentages. Water System: During the fiscal year ended June 30, 2012, the Water System contributed its pro rata share of the contributions made to the pension plans. At June 30, 2012, a pro rata portion of the net pension asset and the net OPEB obligation were not allocated to the Water System due to the complexity of the calculation. D. Contingent Liabilities The County has participated in a number of grant programs funded by certain Federal and State agencies. Several of these programs are subject to program compliance audits and reviews by the grantor, some of which have not been concluded. Accordingly, the County's compliance with applicable grant requirements may be established at some future date. That amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at th is time although the County expects such amounts to be immaterial based upon previous experience. The County is a defendant in various litigations. Although the outcome of these lawsuits is not presently determinable, it is the opinion of the County's counsel that resolution of these matters will not have a material adverse effect on the financial condition of the County. E. Subsequent Events On July 6, 2012, Fayette County, Georgia issued $15,590,000 in Series 2012B Water Revenue Refunding Bonds. The purpose of the bond issue was to refund a portion of the outstanding Series 2002 Water Revenue Bonds. The County determined that refunding the prior bonds would reduce the County's total debt service payments by approximately $2,867,018 on an aggregate basis and by approximately $2,365,968 on a net present value basis. On October 26, 2012, Fayette County, Georgia made a payment of $2,880,000 to the Association County Commissioners of Georgia (ACCG) Defined Benefit Pension Plan (the "Plan") for Fayette County employees. This one-time contribution to the Plan represented the estimated additional pension obligation associated with County's Early Termination Program in which 32 employees elected the early retirement benefits that were being offered prior to July 1, 2012. F. Capital Contributions In accordance with the provisions of Governmental Accounting Standards Board Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, the County has recorded capital contributions received by the Water System enterprise fund as capital contributions revenue. Capital contributions include amounts received from Federal, State and other governments for aid in construction and development of the Water System. Also included are amounts received from real estate sub-dividers for water line extensions built by sub-dividers and contributed to the Water System, both of which are capitalized as part of the water system's capital assets. It also includes amounts received for meter, connection and tap fees from sub-dividers and other customers. The actual cost of meter installations has been capitalized as part of the water distribution system. - 60-

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 ...
2004 Annual Report - Erie County Water Authority
FY2011 CAFR - Fairfax County Government
Park Authority Mission - Fairfax County Government
RTA Annual Report 2009 Complete - RTA - NSW Government
FY2012 CAFR - Fairfax County Government
Conservation Conversation - Dec. 2012 - Jan. 2013 - Fayette County ...
2010 Debt Report - Volusia County Government
Rock Valley College Comprehensive Annual Financial Report ...
Tarrant County College District Comprehensive Annual Financial ...
Annual Report 2001 - Kansas City International Airport
Report ofAudit - Burlington County College
Complete annual report 2010-11 - Land - NSW Government
Annual Financial Report Cover 2007-08.indd - Harford County ...
Comprehensive Annual Financial Report - Las Vegas-Clark County ...
FY 2009 Comprehensive Annual Financial Report - Harford County ...
Annual Report 2004 - RTA - NSW Government
Audit/Comprehensive Annual Financial Report - Gaston County ...
Comprehensive Annual Financial Report - Harford County Public ...
Comprehensive Annual Financial Report - Cobb County