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Home My WebLink About1978 i 10 9i FINANCIAL STATEMENTS AND AUDITORS? REPORT ..,E FIREMEN'S RELIEF AND RETIREMENT FUND E CITY OF DENTON, TEXAS f December 31, 1978 i f i f t 1 1 j 1 { { 1. 14 44 { ~A M. IV C O N T E N T S Page AUDITORS' AlEPORT 3 is FINANCIAL STATEMENTS STA'T'EMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS 4 ` STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS 8 NOTES TO FINANCIAL STATMrNTS 9 SUPPLEMENTAL INVORMATION INVESTMENTS B { r , 1 y I 1 z I } 1 1 l i I i Alexander GrenC 8 OOMIJANY INTERNATIONAL FIRM 4ERTIVIE0 PUELIO AOOOUNUA TS ALEXANDER GRANT TANBLEY WITT 1 I i Board of Trustees Firemen's Relief and Retirement Fund { City of Denton, Texas We have examined the statement of net assets available for plan benefits of the Firemen's Relief and Retirement Fund of the City of Denton, Texas as of December 31, 1978 and the related statement of changes in net assets available for plan benefits for the year. then ended. Our examination was made in accordance with generally acceptea auditing standards and, accordingly, included such tests of the accounting records and such other I f auditing procedures as we considered necessary in the circumstances, In our opinion, the financial statements referred to M above present fairly the financial position of the Firemen's Relief and Retirement Fund of the City of Denton, Texas as of December 31, 1978 and the changes in net assets available for plan benefits for the year then ender; in conformity with generally accepted amounting principles applied on a basis consistent with that of the preceding year. I Our examination was made primarily for the purpose of formulating the opinion stated in the preceding paragraph. The supplemental information included in this report (shown on pages I 9 through 11), although not considered necessary for a fair pre- sentation of financial position, results of operations And changes f in plan equity, has been subjected to the audit procedures applied in the examination of the basic financial statements. In our ! opinion, the supplemental, information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. I ; Dallas, Texas May 81 1979 j i ONE MAIN PLACE DALLAS, TX 76200 (N4)748,0100 w C 1 Firemen t s Ye of Denton o Texas Retirement Fund FOR pLAN BENEFITS STATEMENT OF NET ASSETS AVAILABLE ~ December 31, 1878 1 ASSETS $ 14,012 Cash Investments, at market (cost $767,279) (Note A) $321;08 deposit unts and certifiaatos Savings 198,94H Corporate bonds 33,259 722,869 Corporate stocks 171149 Government bonds 11068 Contributions receivable 16 f interest and dividends receivable NET ASSE'T$ AVAILABLE FOR PLAN $780,214 # BENEFITS 1 ~ j l I i The accompanying rioter are an integral pant of this statement. i 4 Ii i 5 Fireman's Relief and Retirement Fund City of Denton, Texas STATEMENT PLAN D NEFITS iLABLE FOR O TS Year ended December 311 1978 Additions contributions $48,922 Employer 88,$70 $112,692 j Employee income from investments 66,012 interest 2,426 67,437 Dividends I Pro rata share of distribution 1 797 by the State , Deductions } Retirement benefits 27,496 40 ~ payments to terminees 8,894 j Miscellaneous expense Decrease in unrealized appreciation 390884 76,313 of investments - NET ADDITIONS 96,613 k Net asnets available for plan benefits 69 01 at January 1, 1978 Net assets available for plan benefits $76b,214 ~ at December 31,- 1978 , j j accompanying notes are an integral part of this statement The i l Firemen's Relief and Retirement Fund City of Denton, Texas ~J NOTES TO FINANCIAL STATEMENTS 1 December 31, 1998 A - SUMARY AND CHANGE OF ACCOUNTING POLICIES The financial statements of the Firemen's Relief and Retirement Fund, City of Denton, Texas (the Fund) have been prepared on the basis described in Notes A and S. Generally accepted accounting and reporting standards for employee benefit plans, including pension plans, are presently under study by the Financial Accounting Standards Board, and may change significantly as a result of that study. When issued, the 'Board's financial accounting standards maybe applicable to the accompanying financial statements and may require their restatement. A summary of the Fund's significant accounting policies consistently applied in the preparation of the accompanying financial statements follows, Investments Investments in corporate bonds and stocks are carried at the latest quoted market prices, Changes in net unrealized appre- ciation for the year are rafleoted in the statement of changes in net assets available for plan benefits, Realized gains and losses represent the difference between cost, determined by using the specific identification method, and selling price. i Administrative Expenses i Administrative expenses of the Fund are paid by the City of Denton, B - SIGNIFICANT PROVISIONS OF TH.E FUND the` Firemen's Relief and Retirement Fund is a defined benefit plan to which all firemen, eligible for membership, are required ! to become a member as a condition o~ their employment, The City of Denton makes contributions of g% of cligible employees' annual salaries to the Fund and eligible employees contribute 1% of their annual salaries, Based upon the actuarial valuation as of January 1, 1977, the date of the latest actuarial evaluation, the modification of the Fund created an unfunded past service cost, computed under the entry-age-normal funding method, of approximately $362,000. 8 T~ Firemen's Relief and Retirement Fund City of Denton, Texas NOTES TO FINANCIAL, STATMENTS (CONTINUED) December 31, 1978 B SIGNIFICANT PROVISIONS OF THE FUND (Continued) unfunded adequate The contributions 30-year during amortization of year were prior to cover normal costs service costs, No computation has been made of the present value of vested benefits, However, the actuaries have stated that, in their opinion, vested benefits are fully funded, C - TAX STATUS Under the provisions of the Internal Revenue Code, the Fund is not subject to taxation. Therefore, no federal income tax pro- vision is provided for in the accompanying financial statements. i r I r j ; I I .j 7 r t x SUPPLEMENTAL INFORMATION I 1 i I + s j r `E sz r t, 2 Firemen's Relief and Retirement Fund City of Denton, Texas j INVESTMENTS l December 31, 1978 Interest Cost or Market Description of investments rate Maturity par value Savings accounts Denton Savings Assn, 7-3/4 11-30-83 $ 4,000 $ 41000 Denton Savings Assn. 7-3/4 3-30-81 100000 10,000 Denton Savings Assn. 7-3/4 3-30-81 7,829 71829 Denton Savings Assn, 7-3/4 2-28-84 9,000 91000 North Texas Savings & Loan Assn, 7-3/4 4-15-81 30771 ;1,771 North Texas Savings & Loan Assn, 7-3/4 1-16-81 6,689 6;589 -i North Texas Savings & i Loan Assn. 7-3/4 2-11-81 51461 51461 North Texas Savings & i Loan Assn, 7-3/4 3-1884 4,500 4,500 1 North Texas Savings & , Loan Assn, 7-3/4 5-01-84 10,000 10,000 North Texas Savings & Loan Assn, 8 10-13-$8 9,679 91679 First Texas Savings 7-3/4 4µ06-84 80000 8,000 First Texas Savings 7-3/4 4-06-84 51000 5,000 First Texas Savings 8 10-10-86 51000 50000 First Texas Savings 8 10-10-88 8,300 8,300 First Texas Savings 7-3/4 6-22-81 50700 81700 First 'texas Savings 7-3/4 7-22-81 60000 60000 First Texas Savings 7-3/4 7-20.81 8,000 8,000 Colonial Savings 7-3/4 7-30-81 5,000 81000 Colonial Savings 7-3/4 8-20.81 51000 5,000 Colonial savings 7-3/4 9-25-81 60000 5,000 r Colonial Savings 7-3/4 11-01-81 80600 60500 „ Colonial Savings 7-3/4 11W25µ81 5,500 51600 Colonial Savings 7-3/4 12-10-81 41500 4,800 Colonial Savings 7«3/4 12-12-81 41000 41000 ' k Colonial Savings 7-3/4 1~-06~-82 41500 41500 Gibraltar Savings 7-3/4 7-30-81 40,000 40,000 i Decatur Savings & Loan 7-3/4 1-X08-82 41000 41000 Decatur Savings & Loan 7-3/4' 1-26-82 31000 3,000 Decatur Savings Loan 7-3/4 12-22-82 14,000 14,000 Decatur Savings & Doan 7-3/4 1-04-83 80000 8,000 Decatur Savings & Loan 7-3/4 1-12-83 41000- 4,000 Decatur Savings & Loan 7-3/4 1-31-83 3,800 3,800 Decatur Savings & Loan 7-3/4 2-28-83 31200 31200 University State Bank 7-1/2 10-14-82 10,000 101000 University State Bank 7-1/2 8-X11-83 81000 5,000 9 M Firemen's Relief and Retiremrint Fund City of Denton, Texas INVESTMENTS (CONTINUED) December 31, 1078 Interest Cost or Market Description of investments _ rate Maturi.t par vague Savings accounts (Continued) First State Bank 7-1/2 2-19-82 $ 61000 $ 6,000 First State Bank 7-1/2 3-11-82 7,000 7;000 First State Bank 7-1/2 4-09-82 71000 71000 First State Bank 7.1/2 4-22-82 11000 10000 First State Bank 7-1/2 7-08-82 2,000 2,000 First State Bank 7-1/2 7-21-82 20800 21800 Mineral Wells Savings & Loan 7-3/4 3-14.83 100000 10,000 Mineral We11g savings & 7-3/4 3»30-83 6,000 a>000 f Loan Mineral Wells Savings t Loan 7-3/4 4-14-83 61000 51000 Mineral wells Savings & Lean 7-3/4 5.13-83 61000 5,000 Mineral Wells Savings & Loan 7-3/4 6-07-83 50000 5,000 . Mineral Wells Savings & 7-3/4 6-17-83 61000 5,000 Loan MineralWells Savings & 79/4 7-06-85 61000 61000 Loan 6-1/4 pass Book 9,976 9,978 First State Bank $321,805 $321,606 Corporate bonds and notes I,lliilois central 7 1983 $ 23,608 $ 221890 I Southwestern Bel] 8-3/4 2007 91000 8,370 1 ~ Telephone r/ International Harvester 8-8/$ 1995 4,000 3,680 Coo public Service Electric ~,'f9B 6,000 40750 Gas l paoifi,o Northwest Bell 8-6/8 2010 51000 4,560 Tampa E ~leataA100tria Co, 7-1/4 2001 61000 40000 Iowa Public Service 8 2001 5,000 4,300 1979 6,000 51000 Commonwealth Edison 9 1984 25;000 220750 ARCO Pipeline Notes 8 General Electric Credit 8-1/4 1986 30,000 26,700 8.1/8 1988 130000 110830 ;t OMAC Notes 8.1/8 1988 1g, 000 13,680 G?AAC Notes ; Commerctml Credit Notes $W3/4 1988 1g, 000 13,950 E Ford Motor Credit Notes 8.1/2 1988 100000 9,000 10 w r~ t i Firemen's Relief and Retirement Fund City of Denton, Texas i INVESTMENTS (CONTINUED) fr December 31, 1978 ji i Interest Cost or Market Description of investments rate Maturity far, value+ Corporate bonds and notes (Continued) I Norfolk & western Railway 10 1983 $ 8,000 $ B,OBO Ohio Edison 10 1981 2,000 20000 Ohio Edison 10 1981 10,000 10y000 Dupont 8 1981 31000` 2,880 New England Power 8-3/8 2003 10,000 8,700 7lorida Power Tight 6-3/4 1997 61000 31780 Chesapeake Ohio 8 1992 10,000 9,16& $214,606 $196,846 M Government bonds j ONKA Note 10898 8 2006 $ 26,383 $ 22,921 GNMA Note 1060 8 2001 23,640 22,881 GNMA Note 4778 7-1/2 2008 23,368 20,408 GNMA Dote P21863 8 2007 36,667 320722 ON?AA Note P02120 8 2004 23,993 21o412 GNMA Note P04612 9 2006 23,960 22,388 GNMA Noce P27511 9 2008 2919 28,239 $189,996 $171,149 Number of Market 1 shares Cost value 't Corporate stocks Exxon 200 $ 61132 $ 01825 Gulf Oil Corp, 200 61644 4,876 gnsexch Corp. 510 81887 8,797, W,R. Oraoe Bc Co. 388 10,7].0 01962 $ 31,073 33,269 11 1E ' khLtF iv`~ N