Comprehensive Annual Financial Report - City of Santa Monica
Comprehensive Annual Financial Report - City of Santa Monica
Comprehensive Annual Financial Report - City of Santa Monica
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CITY OF SANTA MONICA, CALIFORNIA<br />
Notes to Basic <strong>Financial</strong> Statements, Continued<br />
For the fiscal year ended June 30, 2009<br />
Three Year Trend Information for the <strong>Annual</strong> Pension Cost Funding for the Plan (Unaudited)<br />
Fiscal year ended <strong>Annual</strong> pension cost Percentage <strong>of</strong> APC Net pension<br />
June 30<br />
(APC)<br />
contributed<br />
obligation<br />
2009<br />
Miscellaneous $ 16,399,721<br />
100% -<br />
Police 7,801,939 100% -<br />
Fire 2,743,012 100% -<br />
Total $ 26,944,672<br />
2008<br />
Miscellaneous $ 15,432,240<br />
100% -<br />
Police 6,763,432 100% -<br />
Fire 2,572,118 100% -<br />
Total $ 24,767,790<br />
2007<br />
Miscellaneous $ 10,503,238<br />
100% -<br />
Police 7,582,467 100% -<br />
Fire 2,634,266 100% -<br />
Total $ 20,719,971<br />
Pension Funding Information<br />
As <strong>of</strong> June 30, 2008, the date <strong>of</strong> the latest actuarial valuation, the <strong>City</strong>’s under funded liability was<br />
$150,156,936. This under funded liability was primarily the result <strong>of</strong> a decline in the value <strong>of</strong> the plan<br />
assets, less than anticipated investment returns by CalPERS and an increase in benefits for Public Safety<br />
employees. The <strong>City</strong> has addressed the under funded liability through additional contributions, as<br />
determined by CalPERS, in excess <strong>of</strong> the amount required to fund the current normal cost liability.<br />
Maintaining this funding schedule CalPERS has estimated that the under funded balance will be<br />
amortized over 15 years.<br />
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