C.A.F.R., FY 2011-12 - Laserfiche WebLink

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City of Paris, Texas Notes to Financial Statements September 30, 2012 V. Other Information (Continued) F. Contingent Liabilities, Commitments and Subsequent Events (Continued) liquidity, and furnishing of financial information. At September 30, 2012, no funds have been advanced under this line of credit. Subsequent to September 30, 2012, PEDC drew $2,000,000 under this line and loaned it to a manufacturing company locating in Paris. The lien note bears interest at the initial rate of 3.35%, is due September 18, 2014, and is secured by equipment. Additionally, an incentive agreement relating to payment for jobs and training is also being considered. G. Postemployment Benefits Other Than Pensions The City has in effect a single employer 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, 2012, the contributions were approximately $112,000 for 28 retired employees. An additional 31 empioyees were eligible for this benefit. Calculations are based on benefits provided under the plan in effect at the time of each valuation and on the pattern of sharing of costs. Actuarial information as of September 30, 2012: Development of the Annual Required Contribution Employer Normal Cost Amortization of UAAL Annual Required Contribution (ARC) Percentage Contributed Amount of Contribution Interest on Net Obligation ARC Adjustment Increase in Net Obligation Net Obligation � 48 2010 2011 2012 $ 20,637 $ 73,791 $ 80,318 121,843 143,761 143,761 $ 142,480 $ 217,552 $ 224,079 76% 68% 76% $ 108,331 $ 147,885 $ 169,555 $ g7g $ 2,415 $ 5,506 $ 814 $ 3,397 $ 7,746 $ 34,149 $ 68,684 $ 52,284 $ 53,668 $ 122,352 $ 174,636