2025 Annual Comprehensive Report

Government-Wide Financial Statements Governmental Business-Type

Total

Activities

Activities

Activities

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

$ 44,672,382

$ 6,799,425

$ 51,471,807

8,218,222

8,218,222

$ 52,890,604

$ 6,799,425

$ 59,690,029

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

$ 27,911,727

$ 4,248,344

$ 32,160,071

1,847,118

1,847,118

$ 29,758,845

$ 4,248,344

$ 34,007,189

Liabilities Net Pension Liability - LGERS Net Pension Liability - LEOSSA

$ 137,148,084

$ 20,874,826

$ 158,022,910

34,828,434

34,828,434

Subtotal Net Pension Liability

$ 171,976,518

$ 20,874,826

$ 192,851,344

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

$

769,699 970,930

$

117,153

$

886,852 970,930

$

1,740,629

$

117,153

$

1,857,782

$ 44,294,472

$ 2,992,427

$ 47,286,899

5,821,341

5,821,341

$ 50,115,813

$ 2,992,427

$ 53,108,240

$

3,265,348

$

679,754

$

3,945,102

OPEB Deferred Outflows of Resources

$ 70,191,627

$ 14,611,916

$ 84,803,543

OPEB Liability

$ 35,741,979

$ 7,440,471

$ 43,182,450

OPEB Deferred Inflows of Resources

$

2,688,827

$ (3,698,432)

$ (1,009,605)

OPEB Expense (Income)

12. Error Corrections and Accounting Changes

Implementation of New Accounting Standards Effective for the fiscal year ended June 30, 2025, the City implemented Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences . This standard introduces a unified model for recognizing and measuring liabilities related to compensated absences. As part of the implementation, prior period balances were restated to reflect the removal of pension-related liabilities and the inclusion of defined benefit plan liabilities in the calculation of compensated absences.

Errors and Corrections

As of June 30, 2025, the City revised its method for amortizing bond premiums. Previously, the straight-line method was used; however, to comply with GASB Statement No. 62, the City has now adopted the effective interest rate method. This correction resulted in a decrease in net position in the Water Resources Fund of $8,680,545 and an increase in net position in Governmental activities of $3,747,749.

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