HomeMy WebLinkAbout12-31-1970
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AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION
FIREMEN'S PENSION FUND ;
CITY OF'DENTON, TEXAS
December 31, 1970
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CONTENTS
Audited Financial Statements;
Accountants' Report „ Page 3
Statement of Assets Available for Benefits 4'
Statement of Changes in `Assets Available for Benefits .,,,5
Other. Financial. Information
Schedule of Investments „ 6"
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ERNST & ERNST
(iou FORT WOR7H. NATIONAL. RANK ntOC
FORT WORTH,TFXAS 76102
Honorable Mayor, City Council,
and City Manager
City of Denton, Texas
We have examined the Statement of Assets `available for benefits of the
Firemen's Pension Fund of the City of Denton, Texas, as of December 31,
1970, and the related Statement of Ohangee in Assets for the fifteen
months then ended, Our examination was made in accordance with generally
accepted auditing standards, and accordingly included such teats of account-
ing records and such other auditing proceduros as we considered necessary in
the oircumstanoes, The financial statements for the preceding year were
examined by other independent accountants.
In our opinion, the Accompanying Statement of Assets and Statement of Changes
in Assets present fairly the assets available for benefits of the Firamen'a
Pension Fund of the City of Denton, Texas, at December 31, 1970, and changes
therein for the fifteen munthe then ended on a basis consistent with that of
4 the preceding, year,
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The other financial' information included in the schedule of investmentswas
derived from the accounting records tested by us as a part of the auditing
procedures followed in our examination of the aforementioned financial state-
ments, And in our opinion It is fairly presented in all material respects in
relation to the financial statements taken as a wholes
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Fort Worth, Texas
January 27, 1971
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STATEMENT OF ASSETS AVAILABLE. FOR BENEFITS
FIREJaNIS PENSION T D I
CITY OF DENTON$ TEXAS
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DeoMber 31 September 30
1970 1969
Cash $ 4}350.77 $ 5,070,88 I
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Investments: 1
Certificates of deposits 539254.70 250000.00
Certificates of savings 300000.00 1109000,00
Bonds 810000.00
Common stocks$ at cost (quoted market
1970 $21031,50; 1969 - $13,783.13) 17,824,91 13,260173
184P079,61 148,260,73
Interest Receivable on Investments 49274.83 1,039,57
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f Due From Other Funds:
Oanerol fund 19759,1$
Payroll fund 1.759,18 -
E 3;318;
ASSETS AVAILABLE FOR BENEFITS OK223.57 $iS4$371118
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STATEMENT OF CHANGES IN ASSETS AVAILA13LE FOR BENEFITS
FIREMEN'S PENSION FUND
CITY OF DENTON, TEXAS
Fifteen
Months Ended Year Ended
December 31 September 30
1970 1969
Contributions:
Participating employees $ 21,707.79 $ 120554,30
City of Denton, Texas 21,_707079 12,601,67
43,415.58 25,155.97
Income from investments:
S Interest 11,386,89 6,420,53
Dividends on oom on shock 869.87 537,25
12,256 .76 6,957,78
Pro rata share of gross fire insurance
M , premium receipts tax distributed by the State 1,738.65 11424.75
57,410.99 33,530.50
qat Leas ~
Retirement benefits" 101470,89 80500.20
Contributions refunded to employees 21087.71 373.60
Cost of actuarial study 3,000,00
15,558,60 80873.80
NET INCREASE IN ASSETS AVAILABLE FOR BENEFITS 41,852.39 240664,70 }
Aseets available at beginning of period 194,371.18 129,706,48
ASSETS AVAITABLE AT END OF PERIOD $196,223.57 $154,371.18
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SC1lIMULE OF INVESTMENTS
FIREMEN'S PENSION FUND
CITY or DENTON, TEXAS
December 31, 1970
Interest Maturity
Rate Date Cost or PAr
Certificates of Deposits
Denton County National Bank 5-3/4% 1.26-72 $ 15,000x00
Denton County National Bank 5.3/4 3.10-72 5,254,70
Fir~)t National Bank of Denton 5 ' 1-20-71 5,000,00
First National Bank of Denton 5.3/4 2.19=72 10,000.00
First Stake Bank of Denton 5 1-20-71 5,000.00
First State flank of Denton 5-3/4 5- 9-72 .51000,60
University Stater Bank of Denton 5 1-21.71 5,000'00
University' State Bank of Denton 5-3/4 10.30-72 5,000.00
55,254,70
Certificates of Savings
Denton Federal Savings & Loan 6 1. 1-71 5,000,00
Denton Federal Savings & Loan 6 1. 1-71 10,Ooo,00 {
North Texas Savings & Loan Association 6 1- 1-72 15,000,00
30,000,00
l Corporate Bonds f
Federal Home Loan Bank Const, Bonds 8-2/5 1974 50,000.00
Columbus & Southern Ohio Electric 9 1975 5,000,OC
Southern Natural Gas 9-1/8 1976 3,004,60
Southwestern Bell Telephone 8-3/4 2007 90000,00
International Harvestor Co, 8-5/8 1995 4,000,00
Public Service Electric Gas 9 1995 50000,00
Pacific Northwest Bell Telephone 8-5/8 2010 5,000,00
81,000,00
Number Market
of Shares Value
cs~ Common Stocks ;
f Bank of America 30 $,1,995,00 1,516,85
General Foods Corporation 100 81750,00 7,207,12
National Dairy Products 25 10062,50 917,16
r Oklahoma Natural Gas Co, 104 2,187.00 21052.25
Standard Oil of New Jeraey toil 7,337.00 6113;';53
$21,~ 331.50 17,824,91
a $1840079,61
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