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

ST. TAMMANY PARISH GOVERNMENT
Notes to the Financial Statements 2010
Parochial Employees’ Retirement System. Under Plan A, members are required by state statute to contribute 9.5% of
their annual covered salary and the employer is required to contribute at an actuarially determined rate. The rate for 2010
was 15.75% of annual covered payroll. Contributions to the retirement system also include one-fourth of 1% of taxes
shown to be collectible by the tax rolls of each Parish. The following table details the employer’s contributions to the
retirement system under Plan A for the last three years, which equals the required contributions for each year.
Entity 2010 2009 2008
St. Tammany Parish Government $2,914,608 $2,082,458 $2,057,391
St. Tammany Parish Coroner 239,792 153,068 161,813
St. Tammany Parish Library 450,174 336,340 319,032
Recreation District No. 1 167,285 130,192 102,835
Recreation District No. 11 6,512 - -
Mosquito Abatement District No. 2 177,634 133,936 128,922
Communications District No. 1 52,985 38,614 38,738
Louisiana Firefighters’ Retirement System. Plan members are required by state statute to contribute 8% of their annual
covered salary and the Fire Protection Districts are required to contribute at an actuarially determined rate. The rate for
2010 was 21.5% of annual covered payroll.
The following table details each Fire Protection District’s contribution for the last three years, which equals the required
contributions for each year.
Fire Protection District No. 2010 2009 2008
No. 1 $1,487,976 $1,191,396 $1,167,599
No. 2 203,367 117,816 92,741
No. 3 136,835 90,901 84,025
No. 4 1,569,654 1,154,638 1,154,850
No. 5 13,697 6,481 5,184
No. 6 No employees - - -
No. 7 Does not participate - - -
No. 8 90,675 56,303 34,375
No. 9 67,139 34,405 24,510
No. 11 Part of social security retirement system - - -
No. 12 410,601 289,814 279,727
No. 13 Does not participate - - -
I. Recently Issued Accounting Pronouncements Not Yet Adopted
The Governmental Accounting Standards Board has issued several Statements not yet implemented by the Parish. The
Statements, which may impact the Parish, are as follows:
Statement No. 54 – Fund Balance Reporting and Governmental Fund Type Definitions – The objective of this
Statement is to enhance the usefulness of fund balance information by providing clearer fund balance classifications that
can be more consistently applied and by clarifying the existing governmental fund type definitions. The requirements of
this Statement are effective for financial statements for periods beginning after June 15, 2010.
Statement No. 59 – Financial Instruments Omnibus – The objective of this Statement is to update and improve existing
standards regarding financial reporting and disclosure requirements of certain financial instruments and external
investment pools for which significant issues have been identified in practice. The provisions of this Statement are
effective for financial statements for periods beginning after June 15, 2010.
Statement No. 61 – The Financial Reporting Entity: Omnibus an Amendment of GASB Statements No. 14 and No. 34
– The objective of this Statement is to improve financial reporting for a governmental reporting entity. The requirements
of Statement No. 14, The Financial Reporting Entity, and the related financial reporting requirements of Statement No. 34,
Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments, were
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