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HomeMy WebLinkAbout12-31-1980 t l t 3 _t sr, FINANCIAL STATEMENTS AND AUDITORS' REPORT 3 FIREMENIS RELIEF AND RETIREMENT FUND E CITY OF DRNTON, TEXAS December 31, 1980 i j j ~ i I .,III r i .«:.'c. tt p:. r, urn....: .¢r aw 1x.l,xf y t a,y4H t, x• t >.x r w .'sxx~ ,jti•#3'+}'~,p 1 C O N T E N T S ra PAg e AUDITORS' REPORT 3 FINANCIAL, STATEMENTS STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS 4 STATEMENT OF CHANGES IN NET ASSET'S AVAILABLE FOR PLAN BENEFITS 5 ; NOTES TO FINANCIAL STATEMENTS b SUPPLEMENTAL INFORMATION INVESTMENTS 9 t s J i t ti yF11~)i'-1 i' h I Alexander Grant A COMPANY MC•Mgf:R PJAM OrMTIFIBO PUBLIC ACCOUNTANTS GRANT THORNTON INTEnNATIONAL - 11 1 i I n 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, X980, and the related statement of changes in net assets available for plan benefits for the year then ended. Out examination was mado in aocordance with generally accepted auditing standards and, aooordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly tho financial position of the Firemen's Relief and Retirement Fund of the City of Denton, Texas as of December 311 1980, and the changes in net assets available for plan benefits for the year then ended, in conformity with generally accepted accounting principles iipplied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the basic financial statements as a whale. The supplemental information (shown on pages 9 through 11), is presented for the purposes of additional analysis and it not a required part of the basic financial statements, such inlormation has been 19ub,jected_to the auditing prooodures l j I applied in the examination of the basic financial statements and► in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole, Dallas, Texas i 3 April 30, 1981 , t i f i 1000 OWE OALLA3 CENTRE DALLAS, TX 75201 (214) 740.0100 lgt.'44f'§'l~i.h M Firemen's Relief and Retirement Fund City of Penton, Texas STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS December 31► 1984 ASSETS ffi 21►581 Cash Investmonts, at market (cost $lrl66,9ll) (Note A) Savings accounts and certificates 3,29293 of deposit X31313,3 Corporate bonds U S Government seourities 495L192 1,0121803 ! Interest and other receivables 211895 I NET ASSETS AVAILABLE FOR PLAN BENEFITS $1►056,279 " s I i i j r j The accompanying notes are an integral part of this statement, w , y r M l t Firemen0s Relief and Retirement Fund City of Denison, Texas STATEMENT OF CHANGES IN NET ASSETS ~r AVAILABLE FOR PLAN BENEFITS Year ended December 31, 1980 Additions Contributions Employer $ 701866 Emplayee 99 201 $ 170,067 Investments income Interest 92,034 Unrealized decrease in market value of investments 155,14a) 3636 092 i 206,1"9 Deductions 1 Retirement benefits 28,755 Miscellaneous expense 3,747 Refund of employee contributions 6;314 38..816 NET ADDITIONS 167,343 Net assets available for plan benefits { at January If 1980 888,9,36 1 Net assets available for plan benefits at December 31, 1980 $1,0561279 I J i The accompanying notes ore an integral part of this statement. 5 i~ 1 Wx is 4 j Firemen's Relief and Retirement Fund City of Denton, Texas J NOTES TO FINANCIAL STATEMENTS December 31, 1900 NOTE A - SUMMARY OF ACCOUNTING POLICIES The financial statements of the Fund have been prepared in conformity with generally accepted accounting principles as applied to pension plane, and in accordance with the terms of the Firemen's Relief and Retirement, Law, as amended. A summary of tho'Fund's significant accounting policies consistently applied in the preparation of the accompanying financial statements follows. i Investments Investments in corporate bonds and U.S, government securities are carried at the latest quoted market prices. I i Recoanition of Income Changes in net unrealized appreciation or depreciation for the year are reflected 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 mothod, and selling prWe. Administrative Expenses j; Administrative expenses of the Fund are paid by the City of Denton< J NOTE H - SIGNIFICANT PROVISIONS OF THE FUND The Firemen's Relief and Retifement Fund is 'a defined benefit plan, which 611 firemen, eligible for membership, are required to booome a member of as a oondition of their employm©nt. An employee becomes fully vested after twenty years of credited tierviee, The City of Denton makes contributions of 6% of eligible omployyees'`annual 'Salaries to the Fund and eligiblo employees 00htribute 76 of their annual salarisa, The oontributiots to the Fund during the current „I year were adequate to cover normal costs plus 30-year i amortization of unfunded prior service costs. f 1 6 e:_. rtY . n,, fl'p at [p !'i.n,tr U,:• r.:'.: . ..,as-,au!ra, ~ra_,tnf VA . A Firemen's Rglief and Retirement Fund , City of Denton, Texas NOTES TO FINANCIAL STATEMENTS - CONTINUED Deaemlaer 31, 1980 NOTE 8 SIGNIFICANT PROVISIONS OF THE FUND ^ Continued The accumulated plan benefits ass of a'anuary it 1980, the latest valuation date, for the dofined benefit plan is presented below Actuarial present valve Of nocumuLa~. lap bnnefitst ^ X1456,838 vested Non vested 153604 E , $61o,aa2 The unfunded past service liability as of January it 1984 was E f f $G41r558. The more significant assumptions underlying the actuarial l computations are as follow8l Actuarial cost method Entry age normal coat 1 method E {Investment: return 7i annual rate of return a, Age $5, or proaent age if Retirement age greater, an6 twenty E years of setiviao Book value Actuarial value of assets NOTE C - TAX STATUS I Under the 1;r.ovisions of the Internal Revenue Code, the Fund no fede Income is not subjectitoprtaxat tax n crTinrtkeraoaompanyinglf nanaiai ovaded prov l statements E E 7 Cac y.Ee.[.i#l~j1`~~''.>i=da, siai l'•. ri,^.,,,,, N 1 ,L I ' P1 I It I i 3 } SUPPLEMENTAL INFORMATION 1 ' I { I + L l S 1 1 } i r 1 I, (((41 k I i ` I I t Firemen's Relief and Retirement Fund City of Denton, Texas j, INVESTMENTS December 31, 1980 Interest cost or Market Description of investments: rate Maturity par value Savings aooounts Denton Savings Assn. 7.3/46 11-30-83 $ 41000 $ 41000 Denton Savings Assn. 7-3/4 3-30-81 100000 10,000 Denton Savings Assn. 7-3/4 3-30-81 7,829 70829 , Denton Savings Assn. 7-3/4 2-28.84 90000 9,000 North Texas Savings & Loan Assn, 7-3/4 4-15-81 3,771 31771 North 'texas savings & roan Assn. 7-3/4 1-15-81 6,589 61589 North Texas Savings & Loan Assn. 7-3/4 2-11-81 51461 50461 North Texas Savings & Loan Assn. 7-3/4 3-16-84 4,540 41500 North Texas Savings & Loan Assn. 7-3/4 5-01-84 10,000 10,000 North Texas Savings & Loan Assn. 8 10-1386 91679 91679 First Texas Savings 7-3/4 4-06-84 5t000 5r600 First Texas Savings 7-3/4 4-06-84 50000 51600` First Texas Savings 8 10-10-86 5,000 5,000 First Texas Savings 8 10-10-86 5000 51300 First Texas Savings 7-3/4 6-22-81 51700 50700 rir,gt Texas savings 7-3/4 7.22-81 61000 60000 First Texas Savings 73/4 7-29-81 81000 81000 Colonial Savings 7-3/4- 7.30-01 51000 50000 Colonial Savings 7-3/4 8-29-81 5,000 51000 Colonial Savings 7-3/4 9-25.81 51000 51000 Colonial savings 7-3/4 1101-81 6,500 6, 500. Colonial Savings 7-3/4 11-25-81 51500 51500 Colonial Savings 7-3/4 12-10-81 41500 4-500 i i Colonial Savings 7-3/4 12-12-81 41000 4000 Colonial Savings 7-3/4 1-02-82 41,500 41800 Gibraltar Savings 7-3/4 7.30.81 401000 40,000 Deoatur Savings & Loan 7-3/4 1-08-82 41000 4,000 Deoatur Savings & Loan 7-3/4 1-26-82 3t000 3,000 Decatur Savings & Loan 1-3/4 12-22-.82 141000 14,000 Deoatur Savings & Loon 7-3/4 1-04-83 8400 80000 Deoatur Savings & Loan 7-3/4 1-12.83 4,000 40000 Deoatur Savings & Loan 7-3/4 1-31-83 3tOOO 3x800 Deoatur Savings & Loan 7:3/4 2-28:83 31200 31200 University State Sank 7-1/2 1-14-82 101000 11000 University State Ban% 7-1/2 8-11-83 50000 51000 f E~ 9 a .IYS L.AV . f sy.:J~-fit 2, dsLcnH;r•.... , t ta.k*.. - rF - Firemen's Relief and Retirement Fund City of Denton, Texas INVESTMENT'S - CONTINUED December 31► 1980 Interest Cost or Market Deacr~tion of investmentsrate Maturitl+ ap r value savings accounts - Continued 71/28 2 15-82 $ 61000 $ 6,000 First State Bank 3-1182 7,000 7,000 First State Bank 7»1/2 3-11-82 7,0,00 7,000 First State Bank 7 11/2 /2 4-2282 10000 1;000 First State Hank 2000 2,000 First state Bank 7.1/2 7-08.82 First State Hank 7:1/2 7-21-82 2,800 21600 Mineral Wells Savings & 7.3/4 3-14w83 100000 10,000 Loan Mineral Wells Savings & 3-30-B3 5,000 51000 Loan 7-3/4 Mineral Wells Savings & 7-3/4 4-14-83 50000 5000 Loan Mineral Wells Savings & 73/4 513-83 5,000 51000 Loan Mineral Wells Savings & 7-3/4 6-07-83 50000 51000 Loan Mineral Wells savings & 7-3/4 6-17-83 50000 5,000 Loan Mineral Wells Savings & 7-3/4 7-05-83 51000 5r000 Loan 5-1/q Pass Book 309 First state Bank Community services Pass Book 291 291 Employees Credit Union 6 Merrill Lynch Ready Variable - 1,064 1,064 Asset $3131293 $3131293 ~ j Corporate bonds and notes 7 8 1983 $ 240183 $ 21,100 j Illinois' Central Southwestern Bell 8.3/4 2007 9,000 61131 Telephone ' International Harvester 4+4p0 2,400 f Coy 8-5/6 1995 Public Service Electric 9 1995 50000 31481 tea s Pacific Northwest Bell 8-6/9 2010 50000 3,275 Tampa Electric Co. 7.1/4 2001 51000 2,881 t -Iowa Public service 8 2001 50000 31075 q~q ARCO Pipeline Noted 8 1984 25,000 21,375 f t 10 gi w 1 1 1 Firemen'W Relief and Retirement Fund City of Denton, Texas INVESTMENTS - CONTINUED December 31, 1980 Cost or Market n Interest Descri tion of investments rate Maturi~ mar value + Corporate bonds and notes 1 Cont'nued 30,000 Q 25,200 Genetal Electric Credit 8-1/49 1986 $ 10,416 dhM%C Not4 s 8-1/8 1986 130000 GMAC Notev 8-1/8 1986 15x000 12,019 1988 15,000 11,100 Commercial Credit Notes 8-3/4 Ford Motor Credit Notes 8-1/2 1988 100000 6,700 International Business Machines 9_1/2 1986 45,000 40,668 Norfolk & western Railway 10 1983 50000 41580 Ohio Edison 10 1981 20000 10921 Ohio Edison 10 1981 10,000 91606 Dupont 8 1981 3,000 2,827 f New England Power 8-3/8 2003 10,000 61487 ' Florida Power a Light 6-3/4 1997 51000 20756 Chesapeake Ohio 8 1992 :101000 6,320 $255x183 $2041318 U.S, government securities ONMA Note 10895 8 8 2006 $ 23,531 $ 16,280 GNM.A Note 1060 8 2001 23,137 16,494 GNAM Note 4778 7-1/2 2005 160688 14,445 8 2007 30,447 21, ONMA Note P02720 8 2004 21,148 150066 ONMA Note P02720 707 9 2005 190907 15,136 GNMA NMA NoNotete P P227579111 2 9 2008 29023 22,058 l ; . GNMA Note p26966 9 2008 34,521 26,635 J (FNMA Note k26,794 9 2009 241727 18,787 8-1/4 2008 261247 190017 ONMA Note p25392 8„1/2 2004 20,481 15,138 MA Note 103614 9 2008 71,496 54,308 ONMA pNMA Note Note 379A P37942 11 2010 34,800 29,788 ONMA Note P23515 9 2008 79,101 68,160 (3N14A Note P26604 9 2008 19,639 19,025 35,000 34,006 Federal Farm Credit Bond 9105 1981 U,S. Treasury gill 13.71 1981 63,862 630862 , U.S. Treasury gill 14,71 1981 -24,680 24,680 $5980435 $4950192 c 11