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5.2. SR 09-08-2008Ttem #5.2. ~aa~.v ~1V~P 6r1Er10BtAnHDlBBM `T ~.y~r aid ~~y ~uncil ~R ~"~r~ ~mon~ ~ina~c~ ~ir~c~or ~~ dune ?~~4, ove~~n~en~a~ ~ccoun~in~ ~andaxds Board C~.} issued s~a~en~en~ No, 4~ - cco~~t~ti~~ ~~c~~~~~cra~ ~•~~~~~r'~~ ~~~ e~~~~~o~~r•s~ f o~• ~aa,~~~~~~~o~r~~~~~ be~~~i~~ o~~~e~• ~~~cr~~ ~ae~~~Yr~~~s. ~~nplo~ees are compensated ~~ ~~~ se~~~ces provided. The ~enefi~s received soda inciud~e ~~ lip and insurance premiums. The enefi~ ~ece~ved i~~ ~I~~ ~~ur c~~ iniude i~e~~ns ii~e re~ire~~en~ i~o~~e .~d posh re~ire~x~en~ eai~h care ene~~s, T~~se ~~u~e ~~~e~~s oti~er ~%an pensions are called ~~~~r ~'~~~-n~pio~~nen~ ~enefi~s ~~~~. Tie in~en~ ~~' ~%e s~an.dd u~as ~o ~nove fi.•on~ a casi~ basis o~i pa~~as- ~ou ~o a~ ~ pa~'in~ for APB to a.n accrual ~as~s ~~` ae~oun~i~~~. lies wi~i~ fee~• i~a~n ?~~ en~plo~eesl~•e~iree are requi~~ed ~o i~ave n actuarial ~aiua~io~ a~ leash ~riennlaii~, cuen~ly lave ~xound i?o full~~in~e empio~rees~ ~1 ~aten~en~ ~~, ~S i applicable ~o ~I~e icy of~Il~ diver iu de~e~~~inin~ the addi~io~ai cosh ~' i~~ciu~in~ refired en~ploees in ~i~e same l~eai~la pl.~~ used b~ our ac~i~e en~plo~ees. Tl~.is is ~~~~~ as ~~~e "~n~pl~cit rake subside. ~l~ic% rnens if retirees pad ~e sa~~ne l~ea~i~l~ insurance cons ~l~ere i an i~pliei subsidy ~o ~%e retiree. ~ only does ~~is liabi~i~ ~a~:e into accou~~t ~l~e euen~ retirees, but e v~i~l alie assun~p~ions and probabilities of all en~pio~ee ~.~ ~l~e i~~. ~l~er n~unicipal~ties n~a offer future bene~~~s like ~•e~iree l~eal~l~ insura~~ce pren~iun~s paid and bud~e~ed by ~l~e icy in wl~icl~ case ~l~e iia~~li~ ~aa~ ~e 1~,nifiean~l~ l~iie~•. for ou~• ~~~ financial s~a~en~en~s fi%e ~~~ perfo~•n~ed n actuarial ~alu~ion ofd%e o~l~r pos~~e~r~pla~men~ ben.efi~, The firm flan ~waarden leas con~ple~ed Abe ae~ua~.~ial calcuiion and Abe results ill be incarpora~ed ~ ~l~e ?o0S f nancial s~a~en~ent; Tl~e prin~a~.• number used ~o de~er~nine ~~e liabili~~ ~~ report ~, ~l~e financial s~a~en~en~s is she actuarial accrr~ed liabili~~ l~icl~ i SS,' ~ 8, ~ l~a~ discussed the amounts ~~ ~l~e id's auditors and tl~e indicated ~l~a~ Abe prelin~inar~r an~o~~ loop in~aterial ~ ~lxe financial taen~en~s and may on.l~ require uo~e disclosure. ~~ ~e decide ~o report ~l~e liabi~i i~ Abe ta~emen~ of e~ assets, ~e i could dei~na~e fund balance ~~ the e~erance ~a~ e~~ve ~~ ~~ an~~n~ ~~ ~,~ ~ ~~ ~~o t~~a~ ~~~~ i~~ is ~ ~~°I~ ~un~~. ~'~~ ~,~ ~ 8 ~ ~~. ~~ ~ ~~~~~~~~~ ~~~n~~~• bud ~~~~r c~~~e, c~~~~e, ~~ ~~~~ ~~ ~~a~n~ ~~~~ u~~~ ~~i~~~~ nu~n~~~r. A~fach~n~~: ~xa~r~pe ~a~~e~~ o~e~ ,t ~~~ a inca~~pa~a~~ ~~~~ DPB ~~b~~~t~ ur~a~•~ of ~•e~~I~ ~~o~ ~~e ~~ ~d~ Apo. ta~~e~~ of ~V*~t ~~#~ ~~~~b~~ ~, ~oa~ ~-s~ets Peed ca~~ and ,vest~er~ts ~~~Ied cab. .d irtvestme~,~s - restricted Receivables, ~.et ternai b~ia~,ce ~~er assns ~l~r ~S~~ts - re~tr~cted Capital assets nod bei~~ depreciated Capital assets be~~ dep~ee~atet net Tatal ssc~ ~~a~~~i~i~s :~ec~uat payable a.~d aceraed liab~i~es Accred i~te~est payable U~ea~ed revenue ~bo-tern, ~~tes payable ~~~et a~e~ postempioyme~,t be~e~t Iiability ~ea~~term llabi~i~es; due ~ritb. ~~~ year ~~1 ~ ~~~~ ~~an ~II~ ~~~,T Taal ~~b~es het assets l~iveed i~ capital assets, yet ~i related debt Restricted ~~: tatu~ax~y i~ees eft se,ce ~ap~tai. p~QVeme~ts Ret~ee ~eai~ care beets ~~,T~St~I~t~d TUt~I~ A~~ ~.S~~tS P~ma~y o~rern~ae~~ ~ove~ne~t ~t~si~ess~typ~ C~~~o~~a~ A~ti~ties ,~cv~tis To~ai ~~~ ~'~,7~~t9~~ ,~8,~x~?~ ~ ~d,~5~,~i~ ~2,~,~i~ ~~'~,i87 7,?~x?3? 8,~~~,~i~ - ~,~.li.l,,~V~ T~rll.}~ ~~ 1 ~,~~~ +r}~~,~~~~~ 'Tai~L~T3awr~~ Jyi]V~f.i.~~ ~~~~1 ~l.J~w~r J~~~'T~,~~,~ 1~,~~~,i~8 ~a,~9I,~?S ?I~,IO~,i9~ ~~~,~~~,~4~ 37~,1G~ ~ I,~~ ~~~,~SS ?~}=~8~,~7~ 15,~~7 ?~,=~9~,~~6 I~a,~l? ~, i~I,~~~ ~3~,~i~ ~,~?,7~~ 1i7,1~~ ~~,~?'~,I~~ i7,?9?,~i8 ~,~i~t?~~ 38.1=~,~~ ~~,~9~,7~~ 1~,3~~,?~ ~ ~,?3~,~~~ i~~,7~~,11 ~f 5~~,?7~ ~,?7~ ~ ~~x4 i,9? ?'~,7~9,~ 1~ 1?~r?5~,99? ~ 1~~,?~~,85~ '~~e aecopan~in node ~ an ~teral paa~ ~ es~ fi~.ar~.eYa~ s.~~,~n~. ~~~~ '~~~`~f ~~ ~L~ ~E~ .~ar~crar~ .t~ ~~8 Act~c~~ri~1 ~I~Ir~a~~~r~ ~as~ ,~pla~er~t~~Ser~~f~` ummar~ o~ ~~u[ A. ~a1~r~~~o~t ~'e~us D~~a . Ac~iv~ epl~y~~ ~, ~ver~d re~~r~~ and ~n~~~iar~~~ ~, Teal ~. ~an~f~~ obiiga~~on a. ~r~san~ va~u~ a~ ~P~~ b~ne~~s ~, A~tuar~a~ accrued .ia~~fi~y ~AA~.} ~, ~V~rmal c~~~ ~~ec~inning ^~ year} d~ xpec~ed cor~~~u~~on~ during year ~, Annual required on~ribu~~an ~AR~~ 3~ Annual ~P~~ ~~ C'. e~~r~c~li~ti~r~ ~f ~~~ ~~~r'~io~ ~~ l~e~ ~l"'B eb~~ga~~on a~ o~ January ~, ~~~8 ~~ Annual QP~~ c~~~ ~e~cpen~e} . ~cpc~ed cun~rrbuicn~ and ad~us~rnen~ for alive e~np~oyee~ 4~ l~e~ ~PE~ obliga~icn a ~~ Decer~ber ~~, qD~ ~~. + ~, +,} ~~ ~,~ ~`~~~or~~~,~~rr~~~or~ ~. ~isc~un~ rate for ~ablli~ie ~. lea~~~ care cod trend rake January ~, ~0~~ ~. ~7 5 ~~~ ~~~.,6~0 ,8~~ ~~,D~~ ~~,~C~ ~~,G~ D ~f~~~ ~~ ~~,~3~ 4,~~°la ~~~lo 0 5~1~ ~n year