COG Comprehensive Annual Financial Report

11. Pensions For purposes of measuring the net pension asset (liability), deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Local Governmental Employees’ Retirement System (LGERS) and additions to/deductions from LGERS’ fiduciary net position have been determined on the same basis as they are reported by LGERS. For this purpose, plan member contributions are recognized in the period in which the contributions are due. The City of Greensboro’s employer contributions are recognized when due and the City of Greensboro has a legal requirement to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of LGERS. Investments are reported at fair value. Pension related accounting is also reported for the LEOSSA Plan.

Government-Wide Financial Statements

Governmental

Business-Type

Activities

Activities

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

$ 14,605,136 714,155 $ 15,319,291 $ 10,234,881 1,443,361 $ 11,678,242

$ 2,792,493

$ 2,792,493

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

$ 1,956,902

$ 1,956,902

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

$ 32,937,759 25,045,923 $ 57,983,682

$ 6,297,681

$ 6,297,681

$

2,184,571 871,583 3,056,154

$ 417,687

$

$ 417,687

12. Accounting Changes and Reclassifications The City implemented Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, in the fiscal year ending June 30, 2018. The implementation of the statement required the City to record beginning net OPEB liability and the effects on net position of contributions paid by the City to the OPEB Trust during the measurement period, among other OPEB adjustments. As a result, beginning net position for the governmental and business-type activities decreased by $92,602,063 and $19,870,591 respectively. The City implemented GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period, in the fiscal year ending June 30, 2018. The effect of the statement is higher interest expense recognized in the period in which the cost is incurred, rather than capitalizing the interest as a part of the historical cost of a capital asset. 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 38m