C.A.F.R., FY 2008-09 - Laserfiche WebLink

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City of Paris, Texas Notes to Financial Statements September 30, 2009 V. Other Information ( ontinued) F. Contingent Liabilities, Commitments, and Subsequent Events (Continued) The City has applied for or has been awarded the following gants: Amount of City Grant Match Owner Occupied Housing Assistance Program $ 390,000 $ 46,875 Capital Improvement Program $ 4,911,088 $ 491,109 Bro fields Assessment/ Cleanup Grant Application $ 200,000 $ 40,000 Subsequent to September 30, 2009, the City Council approved the issuance of approximately $3 million in Cert ficates of Obligation for Collegiate Drive and other projects. In another action, the City Council approved refunding $17.3 million in general obligation and water and sewer debt. In past years, EDC entered into two incentive agreements, one with a company that operates a call center facility. The agreement expires December 31, 2012, and is payable periodically over the life of the ontract. The amount of the incentive is based on the number of employees and a reimbursemen for equipment purchased and tenant improvement. The contract also provides for refunds shoul a default by the company occur. Maximum amount of incentive payments under the contract is $725,000 of which $325,000 has been paid. The other approved by the Board of Directors is a expansion incentive agreement with a food manufacturer for training and the addition of new employees not to exceed $477,500. During the year, the Board approved another incentive package for a food manufacturer for up to $100,000 for training and $100,000 for net gain of employees. The Board also approved $30,000 for participation of an incubator project. G. Postemployme t Benefits Other Than Pensions The City has in effect a plan adopted by City Council resolution whereby persons who retire before age sixty-five will be provided health care coverage until they become sixty-five. The City's contributions are financed on a pay-as-you-go basis and for the year ended September 30, 2009, the con ibutions were approximately $119,000 for 27 retired employees. An additional 22 employees were eligible for this benefit. Initial actuarial information as of December 31, 2008: Development of the Annual Required Contribution Emp oyer Normal Cost $ 16,423 Amortization of UAAL 121,843 Annual Required Contribution (ARC) $ 138,266 Percentage Contributed 86% 48