comprehensive annual financial report - City of St. Petersburg

CITY OF ST. PETERSBURG, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SEPTEMBER 30, 2010
(UNAUDITED)
FIRE RETIREMENT SYSTEM
SCHEDULE OF FUNDING PROGRESS
Actuarial
Valuation Date
Actuarial Value
of Assets
(a)
Actuarial Accrued
Liability (AAL) -
Entry Age
(b)
Unfunded AAL
(UAAL)
(b-a)
Funded Ratio
(a/b)
Covered Payroll
(c)
UAAL as %
of Covered
Payroll (b-a)/c
10/01/09 $ 180,417,584 $ 214,096,245 $ 33,678,661 84.3% $ 16,613,368 202.7%
10/01/08 177,730,604 210,087,560 32,356,956 84.6% 16,975,952 190.6%
10/01/07 169,035,339 215,766,120 46,730,781 78.3% 15,646,253 298.7%
10/01/06 152,821,786 217,430,183 64,609,183 70.3% 16,121,136 400.8%
10/01/05 139,369,278 208,262,040 68,892,762 66.9% 15,824,974 435.3%
10/01/04 130,415,000 202,161,000 71,746,000 64.5% 17,747,000 486.5%
FIRE RETIREMENT SYSTEM
SCHEDULE OF CONTRIBUTIONS FOR EMPLOYER AND OTHER CONTRIBUTING ENTITY
Valuation
Date
Fiscal Year
Total
Annual
Covered
Payroll
Required Contribution
Employer & State
Amount
Actual Contributions
% of
Payroll Employer State Total
Percentage
Contributed
Employer
/State
10/01/09 9/30/10 $16,613,368 $11,278,950 67.9% $10,068,034 $1,911,856 $ 11,979,890 106%
10/01/08 9/30/09 16,975,952 11,432,494 67.3% 10,221,598 2,370,918 12,592,496 110%
10/01/07 9/30/08 15,646,253 12,066,286 77.1% 10,859,256 2,332,604 13,191,860 109%
10/01/06 9/30/07 16,121,136 11,368,000 70.5% 10,157,000 1,553,580 11,710,580 103%
10/01/05 9/30/06 15,824,974 11,154,243 70.5% 8,652,168 2,502,075 11,154,243 100%
10/01/04 9/30/05 14,747,000 10,176,806 69.0% 10,177,000 0 (1) 10,177,000 100%
(1) The State delayed payment of the insurance premium tax until fiscal year 2006; therefore the City was required to fund the total required contribution.
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