Comprehensive Annual Financial Report (CAFR) - Johnson City

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CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended June 30, 20115. OTHER INFORMATION (CONTINUED):G. Pension Plan (continued). Johnson City Power Board (continued):Funded Status and Funding Progress (continued):Since the aggregate actuarial cost method does not identifY or separately amortize unfunded actuarialliabilities, information about funded status and funding progress has been prepared using the entryage actuarial cost method for that purpose, and this information is intended to serve as a surrogatefor the funded status and funding progress of the plan.(Dollar Amounts in Thousands)ActuarialValuationDateJuly 1, 2009ActuarialValue ofPlan Assets(a)$ 28,936ActuarialAccruedLiability (AAL)-Entry Age(b)$ 38,581 $UAAL as aUnfunded Annual PercentageAAL Funded Covered of Covered(UAAL) Ratio Payroll Payroll(b-a) (alb) (c) ((b-a)/c)9,645 75.00% $ 9,303 103.67%H. Joint VenturesThe Washington County- Johnson City Animal Control Center (ACC) is an animal shelter jointlyowned by Johnson City and Washington County, Tennessee. The City has control over budget andfinancing of the joint venture only to the extent of representation by the board members appointedand is responsible for funding 50% of any deficits from operations. Johnson City contributed$158,000 to the operations during the year ended June 30, 2011.The Washington County - Johnson City EMS, Inc. (EMS) receives revenue from WashingtonCounty and Johnson City, as well as patient billings. Johnson City contributed $583,495 to theoperations during the year ended June 30, 2011.Johnson City is responsible for funding at least 36% of operations of the JohnsonCity/Jonesborough/Washington County Economic Development Board, Inc. (EDB). Johnson Citycontributed $139,244 and the Johnson City Power Board contributed $77,000 to the operationsduring the year ended June 3 0, 2011.The Tri-Cities Airport (TCA) is jointly administered by Cities of Johnson City and Bristol,Tennessee, Bristol, Virginia and Washington and Sullivan Counties, Tennessee. The City ofJohnson City contributed 20% of the start-up costs ofthe Airport in 1943 and has made no furthercontributions. The City is represented by three of the twelve commissioners. A separate enterprisefund is maintained for the Airport and the administrators do not record any balances for the Airport.121
CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended June 30, 20115. OTHER INFORMATION (CONTINUED):H. Joint Ventures (continued)The Johnson City Athletic Club (JCAC) receives revenue from the City of Johnson City, the JohnsonCity Housing Authority (JCHA), interest income and private donations. The City has advisoryauthority with regard to operations including recommendations of annual and capital budgets of thejoint venture only to the extent of representation by the board members appointed. The Club isresponsible for its debt and is entitled to surpluses. The City of Johnson City contributed $3 7,950for operations during the year ended June 30, 2011.The Tri-County Industrial Park is a joint venture between the City of Johnson City, Tennessee, theCity of Bristol, Tennessee and Sullivan County, Tennessee. The purpose is to promote regionaleconomic development in the quad-city area. The joint venture owns vacant parcels of land used forindustrial and economic development. The City of Johnson City holds a 25% interest in theproceeds from all sales of vacant lots. Financial statements are not prepared for the Tri-CountyIndustrial Park.Completed financial statements for each of the individual joint ventures (excluding the Tri-CountyIndustrial Park) may be obtained at the administrative offices of:Animal Control Center525 Sells Avenue.Johnson City; TN 37601Tri-Cities Airport CommissionP.O. Box 1055Blountville, TN 37617Johnson City Athletic ClubP.O. Box 59Johnson City, TN 37605Emergency Medical Services296 Wesley StreetJohnson City, TN 37601Economic Development Board603 East Market StreetJohnson City, TN 37601Audited information as of June 30, 2011 is presented below for the above mentioned organizationsexcept for the JCAC _and EMS. The JCAC year-end presented is September 30, 2010. The EMSyear end presented is June 30, 2010. The information does not include the Tri-County IndustrialPark. All are presented on the accrual basis.122
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Comprehensive Annual Financial Report (CAFR) - Johnson City

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