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AG 2017 01 17
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AG 2017 01 17
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Last modified
1/20/2017 11:55:41 AM
Creation date
11/27/2017 10:27:07 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
1/17/2017
Board
Board of Commissioners
Meeting Type
Regular
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CABARR US COUNTY TOURISM AUTHORITY <br /> d/b/a CABARR US COUNTY CONVENTION AND VISITORS B UREA U <br /> NOTES TO FINANCIAL STATEMENTS <br /> For the Year Ended June 30, 2016 <br /> NOTE 4- RETIREMENT PLAN(cont'd) <br /> At June 30, 2015, the Bureau's proportion was 0.01865%, which was a decrease of <br /> .00033% from their proportion measured as of June 30, 2014. <br /> For the year ended June 30, 2016, the Bureau recognized pension expense of$39,131. At <br /> June 30, 2016, the Bureau reported deferred outflows of resources and deferred inflows of <br /> resources related to pensions from the following sources: <br /> Deferred Deferred <br /> Outflows of Inflows of <br /> Resources Resources <br /> Differences between expected and actual <br /> experience $ - $ 19,674 <br /> Changes of assumptions - - <br /> Net difference between projected and actual <br /> earnings on pension plan investments - 23,829 <br /> Changes in proportion and differences <br /> between Bureau contributions and <br /> proportionate share of contributions 6,831 5,227 <br /> Bureau contributions subsequent to the <br /> Measurement date 72,368 - <br /> Total $ 79,199 $ 48,730 <br /> $72,368 reported as deferred outflows of resources related to pensions resulting from <br /> Bureau contributions subsequent to the measurement date will be recognized as an <br /> increase of the net pension asset in the year ended June 30, 2017. Other amounts reported <br /> as deferred inflows of resources related to pensions will be recognized in pension expense <br /> as follows: <br /> Year Ended June 30: <br /> 2017 $ (26,849) <br /> 2018 (26,849) <br /> 2019 (26,841) <br /> 2020 38,640 <br /> 2021 - <br /> Thereafter - <br /> Actuarial Assumptions. The total pension liability in the December 31, 2014 actuarial <br /> valuation was determined using the following actuarial assumptions, applied to all periods <br /> included in the measurement: <br /> Inflation 3.0 percent <br /> Salary increases including inflation and productivity factor 4.25 to 8.55 percent <br /> Investment rate of return, net of pension plan investment 7.25 percent <br /> expense, including inflation <br /> -Continued- <br /> 26 <br /> Attachment number 1 \n <br /> 1-5 Page 169 <br />
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