C.A.F.R., FY 2019-20 with continuing disclosure tables

Home Browse Search

CITY OF PARIS, TEXAS Notes to Financial Statements (Continued) September 30, 2020 IV. Detailed Notes on All Activities and Funds (Continued) F. Employee Retirement Systems and Plans (Continued) 1. Texas Municipal Retirement System (Continued) 1% Decrease in 1% Increase in Discount Rate Discount Rate Discount Rate 5.75% 6.75% 7.75% City's Net Pension Liability (Asset) $8,063,931 $24,697 $(6,703,230) Pension Plan Fiduciary Net Position Detailed information about the pension plan's Fiduciary Net Position is available in a separately -issued TMRS financial report. That report may be obtained on the Internet at www.tmrs.com. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended September 30, 2020, the City recognized pension expense of $852,884. At September 30, 2020, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Difference Between Expected and Actual Economic Experience (Net of Current Year Amortization) Changes in Actuarial Assumptions Differences Between Projected and Actual Investment Earnings (Net of Current Year Amortization) Contributions Subsequent to the Measurement Date Total Deferred Outflows Deferred Inflows of Resources of Resources $ 4,319 643,250 $ 243,107 79,716 2,021,160 $ 647,569 $ 2,343,983 $643,250 reported as deferred outflows of resources related to pensions resulting from contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability for the year ending September 30, 2021. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Fiscal Year Ended September 30, 2021 $ (731,579) 2022 (728,789) 2023 132,394 2024 (1,011,690) Thereafter - $ (2,339,664) 46