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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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CABARRUS COUNTY TOURISMAUTHORITY <br /> d/b/a CABARRUS COUNTY CONVENTION AND VISITORS BUREAU <br /> NOTES TO FINANCIAL STATEMENTS <br /> For the Year Ended June 30, 2016 <br /> NOTE 4- RETIREMENT PLAN(cont'd) <br /> Discount rate. The discount rate used to measure the total pension liability was 7.25%. <br /> The projection of cash flows used to determine the discount rate assumed that <br /> contributions from plan members will be made at the current contribution rate and that <br /> contributions from employers will be made at statutorily required rates, actuarially <br /> determined. Based on these assumptions, the pension plan's fiduciary net position was <br /> projected to be available to make all projected future benefit payments of the current plan <br /> members. Therefore, the long-term expected rate of return on pension plan investments <br /> was applied to all periods of projected benefit payments to determine the total pension <br /> liability. <br /> Sensitivity of the Bureau's proportionate share of the net pension asset to changes in the <br /> discount rate. The following presents the Bureau's proportionate share of the net pension <br /> asset calculated using the discount rate of 7.25 percent, as well as what the Bureau's <br /> proportionate share of the net pension asset or net pension liability would be if it were <br /> calculated using a discount rate that is one percentage point lower (6.25 percent) or one <br /> percentage point higher(8.25 percent)than the current rate: <br /> 1% Discount 1% <br /> Decrease Rate Increase <br /> (6.25%) (7.25%) (8.25%) <br /> Bureau's proportionate share of <br /> the net pension liability(asset) $ 583,652 $ 83,700 $ (337,498) <br /> Pension plan fiduciary net position. Detailed information about the pension plan's <br /> fiduciary net position is available in the separately issued Comprehensive Annual <br /> Financial Report(CAFR) for the State of North Carolina. <br /> A. NC401(k)Annuity Program <br /> The Bureau also offers a NC401(K)tax deferred annuity program. Eligible employees can <br /> contribute to the plan from their salary. The Bureau currently contributes 5% of the <br /> employees' salary. The amount paid to the retirement program by the Bureau during the <br /> year ended June 30, 2016 was$49,108. <br /> NOTE 5 - LEASES <br /> The Bureau leases its office space, computers, servers, and a copier under operating <br /> leases. Lease expense for the year ended June 30, 2016 was $176,521. <br /> -Continued- <br /> 28 <br /> Attachment number 1 \n <br /> 1-5 Page 171 <br />
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