Comprehensive Annual Financial Report - St. Tammany Parish ...

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ST. TAMMANY PARISH GOVERNMENT Notes to the Financial Statements 2010 Post employment Benefit Plan Eligibility Requirements. Based on past experience, it has been assumed that entitlement to benefits will commence three years after satisfaction of the eligibility provisions. The three year delay is to accommodate the D.R.O.P. period. Medical benefits are provided to employees upon actual retirement. The retirement eligibility (D.R.O.P. entry) provisions are as follows: the earliest of 30 years of service; age 55 and 25 years of service; age 60 and 10 years of service; or, age 65 and 7 years of service. Complete plan provisions are contained in the official plan documents. Entitlement to benefits continues through Medicare to death. Investment Return Assumption (Discount Rate). GASB Statement 45 states that the investment return assumption should be the estimated long-term investment yield on the investments that are expected to be used to finance the payment of benefits (that is, for a plan which is funded). Based on the assumption that the ARC will not be funded, a 4% annual investment return has been used in this valuation. This is a conservative estimate of the expected long term return of a balanced and conservative investment portfolio under professional management. Health Care Cost Trend Rate. The expected rate of increase in medical cost is based on projections performed by the Office of the Actuary at the Centers for Medicare & Medicaid Services as published in National Health Care Expenditures Projections: 2003 to 2013, Table 3: National Health Expenditures, Aggregate and per Capita Amounts, Percent Distribution and Average Annual Percent Change by Source of Funds: Selected Calendar Years 1990-2013, released in January, 2004 by the Health Care Financing Administration (www.cms.hhs.gov). "State and Local" rates for 2008 through 2013 from this report were used, with rates beyond 2013 graduated down to an ultimate annual rate of 5.0% for 2016 and later. Mortality Rate. The 1994 Group Annuity Reserving (94GAR) table, projected to 2002, based on a fixed blend of 50% of the unloaded male mortality rate and 50% of the unloaded female mortality rates, was used. This is a published mortality table which was designed to be used in determining the value of accrued benefits in defined benefit pension plans. Method of Determining Value of Benefits. The "value of benefits" has been assumed to be the portion of the premium after the retirement date expected to be paid by the employer for each retiree and has been used as the basis for calculating the actuarial present value of OPEB benefits to be paid. The medical rates provided are "blended" rates for active and retired prior to Medicare eligibility. We have, therefore, estimated the total “unblended” rates as required by GASB 45 for valuation purposes to be 130% of the blended rates prior to Medicare eligibility. The appropriate percentage of the blended rate paid by the retiree (one minus the percentage paid by the employer) was then deducted from the gross unblended rate to determine the resulting employer contribution. After Medicare eligibility at age 65, the rates provided are “unblended” rates, as mandated by GASB 45, and vary by five-year age brackets from $346.64 monthly for ages 66 to 69 up to $512.04 monthly for ages over 85. It has been assumed that 50% of retirees would decline coverage upon Medicare eligibility (typically at age 65) because of the premium size required of the retiree. G. Other Post-Employment Benefits The Parish provides a Post-employment Health Plan (the Plan) for employees hired by the Parish. The Plan provides for individual employee accounts, in which the funds within these accounts can be used for post-employment medical premiums and expenses. Employees with three or more years of service who resign or retire are paid for one-third of their accumulated sick time. An employee with ten or more years of service who resigns or retirees, the remaining two-thirds of sick leave is deposited into individual employee accounts for post-employment health costs. At December 31, 2010, the estimated liability associated with post-employment health benefits is $682,550, and is recognized in the Post-employment Health Plan internal service fund. 77
ST. TAMMANY PARISH GOVERNMENT Notes to the Financial Statements 2010 H. Retirement Systems Plan Description. Substantially all employees of the financial reporting entity are members of one of the following costsharing, multiple-employer defined benefit pension plans, each administered by separate board of trustees: Entity Retirement System St. Tammany Parish Council Parochial Employees’ Retirement System (Parochial Plan A) St. Tammany Parish Coroner Parochial Employees’ Retirement System (Parochial Plan A) St. Tammany Parish Library Parochial Employees’ Retirement System (Parochial Plan A) Recreation District No. 1 Parochial Employees’ Retirement System (Parochial Plan A) Mosquito Abatement District No. 2 Parochial Employees’ Retirement System (Parochial Plan A) Communication District No. 1 Parochial Employees’ Retirement System (Parochial Plan A) Fire Protection Districts Louisiana Firefighters’ Retirement System (Firefighters) Employee Eligibility Requirements: Parochial Plan A All employees working at least twenty-eight hours per week and all elected Parish officials are eligible to participate. Firefighters All full-time firefighters employed by a municipality, Parish, or fire protection district that did not enact an ordinance before January 1, 1980, exempting itself from participation are required to participate. Retirement Benefits: Minimum Years of Percentage of Final Plan Age Service Factor Average Salary Parochial Plan A 65 7 3% 21% 60 10 3% 30% 55 25 3% 75% Any Age 30 3% 90% Firefighters 55 12 3.33% 40% 50 20 3.33% 67% Any Age 25 3.33% Not to exceed 100% Final-average salary is the employee’s average salary over the thirty-six consecutive or joined months that produce the highest average. Each of the pension plans also provides death and disability benefits. Benefits are established or amended by state statute. Each retirement system issues an annual publicly available financial report that includes financial statements and required supplementary information. These reports may be obtained by writing or calling the particular retirement system. The following is the mailing address and phone number for each retirement system: • Parochial Employees’ Retirement System, Post Office Box 14619, Baton Rouge, Louisiana 70898-4619 (225) 928-1361 • Louisiana Firefighters’ Retirement System, Post Office Box 94095, Baton Rouge, Louisiana 70804-9095 (225) 925-4060 Actuarial Methods: The Parochial Employees’ Retirement System, Plan A uses the Frozen Attained Age Normal Cost Method to calculate the funding requirements for Plan A. The Firefighter’s Retirement System of Louisiana uses the Entry Age Actuarial Cost Method to calculate funding requirements. Funding Policy. State statute requires covered employees to contribute a percentage of their salaries to the pension plans. As provided by R.S. 11:103, the employer contributions are determined by an actuarial valuation and are subject to change each year based on the results of the valuation for the prior fiscal year. The required contribution rates by retirement system follow: 78
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Comprehensive Annual Financial Repo
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ST. TAMMANY PARISH GOVERNMENT COMPR
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Schedule of Compensation Paid to Co
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St. Tammany Parish Department of Fi
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months of 2010. This increase was n
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ST. TAMMANY PARISH EXECUTIVE BRANCH
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ST. TAMMANY PARISH GOVERNMENT PRINC
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LAPORTE SEHRT ROMIG HAND CERTIfiED
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Management’s Discussion and Analy
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The Parish adopts annual appropriat
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At the end of the current fiscal ye
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Expenses and Program Revenues - Gov
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sales tax revenue stabilizes so tha
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Additional information on St. Tamma
Page 34: BASIC FINANCIAL STATEMENTS 27
Page 37 and 38: ST. TAMMANY PARISH, LOUISIANA State
Page 39 and 40: ST. TAMMANY PARISH, LOUISIANA Balan
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Page 43 and 44: ST. TAMMANY PARISH, LOUISIANA Recon
Page 45: STATEMENT G ST. TAMMANY PARISH, LOU
Page 48 and 49: SCHEDULE H (continued) ST. TAMMANY
Page 50 and 51: STATEMENT I Recreation District No.
Page 52: STATEMENT J Fire Protection Distric
Page 55 and 56: ST. TAMMANY PARISH GOVERNMENT Notes
Page 65 and 66: The details of this $2,123,937 diff
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Page 89 and 90: ST. TAMMANY PARISH, LOUISIANA Sched
Page 96 and 97: NOTES TO REQUIRED SUPPLEMENTARY INF
Page 98: SCHEDULE 7 Public Safety Health and
Page 101 and 102: ST. TAMMANY PARISH, LOUISIANA Combi
Page 104 and 105: NON-MAJOR SPECIAL REVENUE FUNDS Spe
Page 106 and 107: NON-MAJOR SPECIAL REVENUE FUNDS (Co
Page 108 and 109: SCHEDULE 10 continued 020 Environme
Page 110 and 111: SCHEDULE 10 continued 164 Lighting
Page 112 and 113: SCHEDULE 10 continued 401 Grants -
Page 114 and 115: SCHEDULE 10 continued 440 Grants -
Page 116 and 117: SCHEDULE 11 continued Final Budget
Page 122 and 123: SCHEDULE 11 continued 166 167 169 L
Page 124 and 125: SCHEDULE 11 continued 174 175 176 L
Page 126 and 127: SCHEDULE 11 continued 402 403 404 G
Page 128 and 129: SCHEDULE 11 continued 416 418 420 G
Page 132 and 133: NON-MAJOR DEBT SERVICE FUNDS Debt S
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SCHEDULE 12 237 Justice Complex Deb
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SCHEDULE 13 continued 233 234 237 L
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SCHEDULE 13 continued 249 Total Non
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NON-MAJOR CAPITAL PROJECTS FUNDS Ca
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NON-MAJOR CAPITAL PROJECTS FUNDS (C
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SCHEDULE 14 continued 305 Capital S
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SCHEDULE 14 continued 320 GIS Capit
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SCHEDULE 14 continued 333 Parish Li
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SCHEDULE 15 continued ST. TAMMANY P
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SCHEDULE 15 continued 305 306 307 C
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SCHEDULE 15 continued 324 325 326 D
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SCHEDULE 15 continued Final Budget
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INTERNAL SERVICE FUNDS Internal Ser
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161
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SCHEDULE 16 continued 520 St. Tamma
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SCHEDULE 16 continued 587 Post Empl
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NON-MAJOR COMPONENT UNITS 175
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SCHEDULE 19 continued Fire Protecti
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SCHEDULE 19 continued Recreation Di
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SCHEDULE 19 continued Sub-Drainage
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SCHEDULE 20 continued Drainage Dist
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SCHEDULE 20 continued Net (Expenses
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SCHEDULE 20 continued Gravity Drain
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BUDGETARY COMPARISONS 189
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ST. TAMMANY PARISH, LOUISIANA Sched
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OTHER SUPPLEMENTARY INFORMATION 193
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SCHEDULE 24 ST. TAMMANY PARISH, LOU
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SCHEDULE 25 335 TOTAL Sub-Drainage
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ST. TAMMANY PARISH GOVERNMENT Capit
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ST. TAMMANY PARISH, LOUISIANA Detai
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ST. TAMMANY PARISH, LOUISIANA Debt
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ST. TAMMANY PARISH, LOUISIANA Debt
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STATISTICAL SECTION (UNAUDITED) Thi
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TABLE 1 2007 2006 2005 2004 2003 $
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General Revenues and Other Changes
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TABLE 3 Fiscal Year 2006 2005 2004
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TABLE 4 Fiscal Year 2007 2006 2005
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ST. TAMMANY PARISH, LOUISIANA TAX R
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ST. TAMMANY PARISH, LOUISIANA PRINC
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ST. TAMMANY PARISH, LOUISIANA DIREC
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ST. TAMMANY PARISH GOVERNMENT, LOUI
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ST. TAMMANY PARISH, LOUISIANA RATIO
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ST. TAMMANY PARISH GOVERNMENT TABLE
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ST. TAMMANY PARISH, GOVERNMENT DEMO
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TABLE 18 ST. TAMMANY PARISH, LOUISI
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TABLE 19 2006 2005 2004 2003 2002 2
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SINGLE AUDIT SECTION 251
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LAPORTE SEHRT ROMIG HAND CERTIFlED
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LAPORTE SEHRT ROMIG HAND CERTIFIED
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ST. TAMMANY PARISH, LOUISIANA SCHED
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ST. TAMMANY PARISH, LOUISIANA SCHED
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(Accrued) Unearned (Accrued) Unearn
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St. Tammany Parish Department of Fi
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