2022 Annual Comprehensive Financial Report

LEOSSA and OPEB Plans. For this purpose, the LEOSSA and OPEB Plans recognize benefit payments when due and payable in accordance with the benefit terms. Investments for all plans are reported at fair value.

Government-Wide Financial Statements Governmental Business-Type Activities Activities

Deferred Outflows of Resources Pension Deferrals - LGERS Pension Deferrals - LEOSSA Subtotal Pension Deferrals

28,052,668 $

5,774,256 $

5,628,355

33,681,023 $

5,774,256 $

Current Year Pension Contributions - LGERS Current Year Pension Contributions - LEOSSA Subtotal Current Year Pension Contributions

17,150,856 $

3,530,266 $

1,715,298

18,866,154 $

3,530,266 $

Liabilities Net Pension Liability - LGERS Net Pension Liability - LEOSSA Subtotal Net Pension Liability Deferred Inflows of Resources Pension Deferrals - LGERS Pension Deferrals - LEOSSA Subtotal Pension Deferrals

29,641,721 $

6,101,341 $

26,734,978

56,376,699 $

6,101,341 $

44,184,615 $

9,094,797 $

1,743,018

45,927,633 $

9,094,797 $

Pension Expense Pension Expense - LGERS Pension Expense - LEOSSA

11,856,948 $ 3,186,178 15,043,126 $

2,515,980 $

2,515,980 $

$

3,214,476

1,833,826 $

OPEB Expense

14. Accounting Changes and Reclassifications In June 2017, the Governmental Accounting Standards Board (GASB) issued a new lease accounting standard, GASB 87, to more accurately portray lease obligations and increase the usefulness of governmental financial statements. Under this standard, the City and the ABC Board are required to evaluate leases and recognize a lease asset, lease receivable, deferred inflows and liability for each lease meeting certain criteria. The City and the ABC Board adopted this standard on July 1, 2021. Beginning Net Position of certain of the City’s Internal Service Funds were increased by $2,633,100. II. Reconciliation of Government-Wide and Fund Financial Statements A. Explanation of certain differences between the governmental fund balance sheet and the government-wide statement of net position. The governmental fund balance sheet includes reconciliation between fund balance – total governmental funds and net position – governmental activities as reported in the government – wide statement of net position. One element of that reconciliation

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