CAFR 2017

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.

Government-Wide Financial Statements Governmental Business-Type Activities Activities

Deferred Outflows of Resources Pension Deferrals - LGERS

29,418,409 $

5,409,052 $

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

$

9,088,907 1,323,798

1,671,143 $

10,412,705 $

1,671,143 $

Liabilities Net Pension Liability - LGERS Net Pension Liability - LEOSSA

45,935,278 $

8,445,948 $

25,009,255 $70,944,533

Subtotal Net Pension Liability

8,445,948 $

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

$

2,921,411

$

537,150

874,579

Subtotal Unearned Revenues

$

3,795,990

$

537,150

12. Accounting Changes and Reclassifications In accordance with Governmental Accounting Standards Board (GASB) Statement 68, Accounting and Financial Reporting for Pensions, the City reclassified assets of the General Fund to the Law Enforcement Officers’ Special Separation Allowance Pension Benefit Trust fund. The implementation of the statement required the City to record beginning net pension liability and the effects on net position of contributions made by the City during the measurement period (calendar year ending December 31, 2016). As a result, the beginning fund balance for the General Fund decreased by $6,365,576 and the beginning net position for governmental activities decreased by $31,446,135. The City also implemented GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans for the Other Postemployment Benefit (OPEB) Trust. The implementation of this statement had no effect on net position. 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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