2024 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

$ 52,169,194

$ 11,936,475

$ 64,105,669

6,554,846

6,554,846

$ 58,724,040

$ 11,936,475

$ 70,660,515

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

$ 23,655,788

$ 5,412,518

$ 29,068,306

1,781,926

1,781,926

$ 25,437,714

$ 5,412,518

$ 30,850,232

Liabilities Net Pension Liability - LGERS Net Pension Liability - LEOSSA

$ 123,483,876

$ 28,253,498

$ 151,737,374

31,775,509

31,775,509

Subtotal Net Pension Liability

$ 155,259,385

$ 28,253,498

$ 183,512,883

Deferred Inflows of Resources Pension Deferrals - LGERS

$

1,292,036

$

295,622

$

1,587,658

Pension Expense Pension Expense - LGERS Pension Expense - LEOSSA

$ 34,246,546

$ 8,196,682

$ 42,443,228

4,741,179

4,741,179

$ 38,987,725

$ 8,196,682

$ 47,184,407

$ 89,698,956

$ 22,324,913

$ 112,023,869

OPEB Liability

$

2,404,879

$

598,546

$

3,003,425

OPEB Expense

12. Accounting Changes and Reclassifications The City implemented Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections, effective July 1, 2023. The statement establishes criteria for streamlining the reporting of accounting changes and error corrections and the related disclosures in governmental financial reporting. The standard clarifies what represents an accounting change or an error correction and guides how these changes should be presented in the financial statements. Under this standard, the City is required to properly define and disclose changes in accounting principles, changes in account estimates, changes within the reporting entity, and error corrections. 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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