2023 Annual Comprehensive 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

$ 51,369,359

$ 11,270,090

6,022,173

Subtotal Pension Deferrals

$ 57,391,532

$ 11,270,090

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

$ 19,918,351

$ 4,369,952

1,755,186

$ 21,673,537

$ 4,369,952

Liabilities Net Pension Liability - LGERS Net Pension Liability - LEOSSA

$ 108,157,886

$ 23,729,110

29,497,172

Subtotal Net Pension Liability

$ 137,655,058

$ 23,729,110

Deferred Inflows of Resources Pension Deferrals - LGERS Pension Deferrals - LEOSSA Subtotal Pension Deferrals Pension Expense Pension Expense - LGERS Pension Expense - LEOSSA

$ 1,489,996

$ 326,895

284,276

$ 1,774,272

326,895

$

$ 29,655,713 3,958,016 $ 33,613,729

$ 6,894,299

$ 6,894,299

$ 2,335,648

$ 1,810,152

OPEB Expense

12. Accounting Changes and Reclassifications In May, 2020, the Governmental Accounting Standards Board (GASB) issued a new accounting standard, GASB 96, to more accurately portray subscription-based information technology arrangements and increase the usefulness of governmental financial statements. Under this standard, the City is required to evaluate subscription contracts and recognize a right-to-use subscription asset and a corresponding subscription and liability for each subscription meeting certain criteria. The City adopted this standard on July 1, 2022. 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 explains that “long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds.”

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