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Home My WebLink About1981 - 1982 r, J i 1 FINANCIAL STATEMENTS AND AUDI'TORS' REPORT F, f FIREMEN'S RELIEF AND RETIREMENT FUND r CITY OF DENTON, TEXAS December 31? 1982 and 1981 ,j S., lil 4 P I 5 2# ~t l a. tl: € f ~s -mot y~tlB r ' S 1111 1 I C O N T E N T S I PAGE AUDITORS' REPORT 3 FINANCIAL STATEMENTS s • G STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS 4 STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR FLAN BENEFITS S E^ NOTES TO FINANCIAL STATEMENTS 6 SUPPLEMENTAL INFORMATION INVESTMENTS 9 Ia .ra 'j sM W~r s a i Alexander GranC' A COMPANY MEMBPH FIRM - CERTIFIED PUBLIC ACCOUNTANTS GRANT THOANTON INTERNATIONAL Board of Trustees Firemen's Relief and Retirement Fund City of Denton, Texas We have examined the statement of net assets available for I plan benefits of the Firemen's Relief and Retirement Fund of the City of Denton, Texas as of. December 31, 1982 and 1981, and the related statement of changes in net assets available for plan benefits for the years then ended. our examination was spade in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. ' r in our opinion, the financial statements referred to above present fairly the financial position of the Firemen's Relief and Retirement Fund of the City of Denton, Texas as of December 31, 1982 and 1981, and the changes in net assets available for planbenefits for the years then ended, in conformity with generally accepted r accounting principles applied 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 whole, The i supplemental information (shown on pages 9 through 11), is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures 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 April 29, 1983 1900 ONE DALLAS GENTFtE DALLAS, 7X 75201 (214) 749000 i w I i 4P A Firemen's Relief and Retirement Fund City of Denton, Texas STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS December 31, ASSETS 1982 1981 CASH $ 3,009 $ 34513 INVESTM8NTS, AT MARKET (cost value of $1,833,269 in 1982 and $1,468,112 in 1981) (Note A) , Savings accounts and certificates of deposit 153,849 228,364 Corporate bonds 214,423 182,857 U.S. government securities 497,356 369,566 Common stock 443,750 82,431 Common trust funds 541,200 390 100 1,850,578 10253,318 INTEREST AND DIVIDENDS RECEIVABLE 19,064 18,166 NET ASSETS AVAILABLE FOR PLAN BENEFITS $1,872,651 $1+305,997 f s a" t . I I 1 x~ 9 The accompanying notes are an integral part of these statements. t,= {,a 4 Firomen's Relief and Retirement Fund A City of Denton, Texas S'T'ATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS Year ended December 31.1 1982 1981 Additions Contributions • Employer $ 132,262 $ 85,630 Employee 94j389 120,149 -'79 Investments income interest and dividends 167,810 132,330 I Net gain from sale of stock 4,712 51665 1 a: Miscellaneous income - 485 Unrealized appreciation (decrease) in market value of investments 232j142, 43 083) 404 624 5P397 .1l,275 30 i Deductions Retirement benefits 40,977 33,156 Trust fees 11,528 80855 Penalties on early retirement of certificates of deposit 50718 Refund of employee contributions l2 ll6 3 729 ` 64,621 k NEI' ADDITIONS 566,654 249,718 b Net assets available for plan benefits at January 1, 1981 1,3.051997 1,056,279 f; Net assets available for plan benefits at December 31, 1982 $1,872,651 $1,305,997 :r rt ~i M1 The accompanying notes are an integral part of these statements. ! wjj ~y 0 5 ~ a Firemen's Relief and Retirement Fund J City of Denton, Texas NOTES TO FINANCIAL STATEMENTS December 31, 1982 and 1981 NOTE A -',SUMMARY OF ACCOUNTING POLICIES Thefinancial statements of the Fund have been prepared in conformity with generally accepted accounting principles as applied to pension plans, and in accordance with L•he terms of the Firemen's Relief and Retirement Law, as amended. A summary of the Fund's significant accounting policies consistently applied in the preparation of the accompanying financial statements follows. Investments Investments are carried at the latest quoted market prices. Recognition of Income Changes in net unrealized appreciation or depreciation for the s°r year are reflected in the statement of changes In net amosts available for plan benefits. Realized gains and losses represent the difference between cost, determined by using the specific identification method, and selling price. Administrative Expenses Administrative expenses of the Fund are paid a . by the City Y of pe neon j NOTE 8 _ SIGNIFICANT PROVISIONS OF THE FUND 40 The Firemen's Relief and Retirement Fund is a defined benefit plan, of which all firemen, eligible for memberships are required r; to become a member as a condition of their employment,` An employee becomes fully vested after twenty years of credited service. The City of Denton makes contributions of 5$; of eligible a employees' annual salaries to the Fund and eligible employees contribute 7% of their annual salaries. The contributions to the Fund during the current year were adequate to cover normal costa, a. , Firemen's Relief and Retirement Fund City of Denton, Texas 0 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 1982 and 1981 0 NOTE H SIGNIFICANT PROVISIONS OF THE FUND - Continued The accumulated plan benefits as of August 31, '982, the latest valuation date, for the defined benefit plan a - presented belowi Actuarial present value of 0 accumulated plan- benefits vested - Retired participants $ 358,639 - Active participants W r173 i0 Non vested 75,751 $1,291 $63 I• The more significant assumptions underlying the actuarial computations are as follows Actuaria",, cost method Entry age normal cost ` method t0 Investment return 88 annual rate of return r Retirement age Age 55, or present age if greater, and twenty years of service' 0 Actuarial value of, assets Book value ik NOTE C - TAX STATUS r Under the provisions of the Internal Revenue Code, the Fund is not O subject to taxation. Therefore, no federal income tax provision } is provided for in the accompanying financial statements. ~i, 0 7 T 1 .M r, SUPPLEMENTAL INFORMATION r ,ve , vi F c( f 3 t:ry V4 a iii ii d tor} k Firemen's Relief and Retirement Fund City of Denton, Texas INVESTMENTS December 31, 1982 Interest Coat or Market Description of investments rate Maturity par value Savings accounts and certificates of deposit Community Services Employees Credit Union 6 Passbook $ 317 $ 317 Decatur savings & Loan 12 8-05.83 31f952 310952 Denton Savings Assn. 12 7-30-83 8,712 81712 Denton Savings Assn. 12 7-30-83 31872 31872 Fib First State Bank Denton 11-3/4 8-05-83 41640 4,640 First Texas Savings 12 8-09-83 19,683 19,683 f Mineral Wells Savings & Loan 12 8-06-83 38,700 38,700 North Texas Savings & Loan Assn. 12 8-06-83 23,420 23,420 North Texas Savings ?M & Loan Assn, 12 12-01-83 6,669. 61669 University State Bank 11-3/4 8-10-83 14,498 140498 Merrill Lynch Ready s Asset Variable 11386 11386 $153,849 $153,849 Corporate bonds and notes 'j Illinois Central 78 1983 $ 24,183 $ 24,269 Norfolk & Western Railway 10 1983 50000 41986 d ARCO Pipeline Notes 8 1984 25,000 24,625 general Electric Credit 8-1/4 1986 300000 280275 OMAC Notes 8-1/8 1986 28,000 25,725 International Business Machines 9-1/2 1936 45,000 44,044 Commercial Cre(lit Notes 8-3/4 1986 150000 13,200 r • Ford Motor Cz Mil: Notes 8-1/2 1988 10, 000 8,175 Chesapeake Ohio 8 1992 10,000 70866 International Harvester Cc. 8.5/8 1995 4,000 11400 Public Service Electric pas 9 1995 50000 40069 i rr ~ g n a i Firemen's Relief and Retirement Fund I City of Denton, Texas J • INVESTMENTS - CONTINUED December 31, 1982 and 1981 Interest Cost or Market DeaCr12tion of investments rate Mat~uriit par value Corporate bonds and notes - Continued Florida Power & bight 6-•3/4 B 1997 $ 5,000 $ 31286 Iowa Public service 8 2001 5,000 31608 i Tampa Electric Co. 7-1/4 2001 5,000 31385 New, England Power 8-3/8 2003 10,000 7,157 Southwestern Bell Telephone 8-3/4 2007 9,Q00 61772 'S Pacific Northwest Bell Telephone 8-5/8 2010 5000 31581 r $2400183 $214,423 U, 5e government securities Federal Farm Bond Credit 15-1/28 4-23-84 $ 4,998 $ 5,369 J ,i Federal Roma Loan Hanks 10-9/10 9-26-83 5,000 5,078 - FNMA Note 17 2-11-85 15`1000 160997 GNMA Note P01060 8 2001 21,118 18,220 GNMA Nate P03614 8-1/2 2004 19,336 160661 'r GNMA Note P02720 8 2004 20,231 160655 GNMA Note P04512 9 2005 18,006 16,709 GNMA Note P04778 7-1/2 2005 19,577 16,124 GNMA Note P10895 8 2006 21,904 170981` FNMA Debenturea 149/10 12-10-85 501000 55,813 k FNMA 9-3/4 9-10.84 4,578 5,01x3 ;j 0 GNMA Note P21863 88 2007 28,598 23,976 GNMA Note P23515 9 2008 85,993 75,900 GNMA Note P25382 8-1/4 2008` 24,873 21,158 GNMA Note P26604 9 2008 20,515 18,072 GNMA Nate P26800 9 2008 69,159 59,976 GNMA Note P26966 9 2008 331248 28,975 GNMA Note P27511 9 2008 27,9ll 24,361 t, GNMA Note P28794 9 2009 21,672 20,'743 GNMA Note P37942 11 2010 33,731 32j775 ts, $5450448 $497,356 a y S' j i A . j S F ewe e ~r Firemen's Relief and Retirement Fund City of Denton, Texas INVESTMENTS - CONTINUED December 31, 1982 and 1981 Description of investments Number of Cost or Market shares .__par value Stock American Telephone & Telegraph 11000 $ 52,190 $ ;19,375 Colgate - Palmolive 10000 17,796 19625 E, T, Dupont Denemours & Company 1,000 33,888 35t875 f1elLrich & Payne, Inc. 500 8,429 91750 International Dusiness Machines 1,00o 62,605 9fs,250 Minnesota Mining and Manufacturing 11000 570070 75,000 J. C. Penney Company 11000 35,987 48x375 i Riegel Textile Corporation 10000 23,269 25,750 Scott Paper Company 1;000 18 050 203250 ca Sears Roebuck Company 1 ,600 20j 535 30,125 Transamerica Corporation 11000 22,770 23,375 se $352,589 $443,750 Common Trust Funds R Mercantile Master Note $541,200 $541,200 w .,r z Yt r 11 j i! ' i