Laserfiche WebLink
CITY OF PARIS, TEXAS <br />Notes to Financial Statements (Continued) <br />September 30, 2022 <br />IV. Detailed Notes on All Activities and Funds (Continued) <br />D. Capital Assets (Continued) <br />Depreciation expense was charged to functions/programs of the primary government as follows: <br />Governmental Activities <br />General Government $ 117,084 <br />Public Safety 735,571 <br />Public Works, Including Depreciation of General Infrastructure Assets 1,514,340 <br />Health 203,790 <br />Culture and Recreation 119,858 <br />Cox Field Airport 144,511 <br />Total Depreciation Expense — Governmental Activities S 2.835154 <br />Business -Type Activities <br />Water and Sewer $ 2,674,834 <br />Total Depreciation Expense — Business -Type Activities 2,674,834 <br />E. Deferred Compensation Plan <br />The City offers its employees two deferred compensation plans created in accordance with Internal <br />Revenue Code Section 457. <br />F. Employee Retirement Systems and Plans <br />The City maintains a nontraditional defined benefit retirement plan for all full-time employees and a single - <br />employer, defined benefit plan for firefighters. <br />1. Texas Municipal Retirement System <br />Plan Description <br />The City of Paris participates as one of 901 plans in the nontraditional, joint contributory, hybrid defined <br />benefit pension plan administered by the Texas Municipal Retirement System (TMRS). TMRS is an agency <br />created by the State of Texas and administered in accordance with the TMRS Act, Subtitle G, Title 8, <br />Texas Government Code (the TMRS Act) as an agent multiple -employer retirement system for municipal <br />employees in the State of Texas. The TMRS Act places the general administration and management of the <br />System with a six -member Board of Trustees. Although the Governor, with the advice and consent of the <br />Senate, appoints the Board, TMRS is not fiscally dependent on the State of Texas. TMRS's defined benefit <br />pension plan is a tax -qualified plan under Section 401 (a) of the Internal Revenue Code. The plan financial <br />statements are prepared using the accrual basis of accounting. TMRS issues a publicly available annual <br />comprehensive financial report (ACFR) that can be obtained at www. tmrs. com. <br />All eligible employees of the city are required to participate in TMRS. <br />48 <br />