2015-063-63A - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Supervisor of Elections Notes To Financial Statements Year Ended September 30, 2014 NOTE 3 — PENSION PLAN - Continued Florida Retirement System - Continued Employer contributions to the FRS for the fiscal years ended September 30, 2012, 2013, and 2014, were equal to 6.19%, 7.46%, and 13.78% of the annual covered payroll. Employer contributions to the FRS for the fiscal years ended September 30, 2012, 2013, 2014 were $28,013, $33,448 and $64,389 respectively. Employee contributions for the fiscal years ended September 30, 2012, 2013 and 2014 were $13,585, $12,975, and $12,269 respectively. Both employer and employee contributions were equal to 100% of the required contribution for each year. NOTE 4 — OTHER POSTEMPLOYMENT BENEFITS The Supervisor of Elections participated in the Indian River County Other Postemployment Benefits Trust (IRCOT). The Supervisor of Election's 2014 annual contribution of $15,064 was funded by the Board of County Commissioners as part of a total contribution determined by the IRCOT actuary. Further information on the IRCOT can be found in the County -wide financial statements and County notes. NOTE 5 — RISK MANAGEMENT Indian River County maintains a risk management program that provides for coverage of risks of loss related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees, natural disasters, and medical and life insurance coverage for employees and their eligible dependents. Various excess catastrophe insurance policies with a commercial carrier are also in force for claims exceeding the amount chargeable against the Self-insurance Fund. The Supervisor of Elections participated in the County's self-insurance program during fiscal year 2014 at an annual cost of approximately $53,120. NOTE 6 — LONG-TERM LIABILITIES Changes in Long -Term Liabilities The following is a schedule of changes in long-term liabilities as of September 30, 2014: Beginning Ending Balance Balance 10/01/13 Additions Deletions 09/30/14 Accrued Compensated Absences $ 30,010 $ 26,905 $ 30,244 $ 26,671 Of the $26,671 liability for accrued compensated absences, management estimates that $11,018 will be due and payable within one year. The liability for accrued compensated absences is not reported in the financial statements of the Supervisor of Elections since it is not payable from available spendable resources. The liability is reported in the financial statements of the County. 358 .