2012 Comprehensive Annual Financial Report - the City of Tukwila

2012 Comprehensive Annual Financial Report - the City of Tukwila 2012 Comprehensive Annual Financial Report - the City of Tukwila

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CITY OF TUKWILA: 2012 CAFRBASIC FINANCIAL STATEMENTS46

CITY OF TUKWILA: 2012 CAFRBASIC FINANCIAL STATEMENTSFIDUCIARY FUNDSFiduciary funds are used to account for assets held by the City of Tukwila as atrustee or agent for various individuals, private organizations, and othergovernmental units. The Firemen’s Pension Trust Fund is accounted for on anaccrual basis.Firemen’s Pension Trust FundThis fund accounts for the payment of administrative costs and benefits for retiredfirefighters (and beneficiaries) who were employed prior to March 1, 1970. Primaryrevenue sources are general property tax allocations, fire insurance premium tax,and investment interest, in accordance with actuarial recommendations.Agency FundThis fund accounts for the funds over which the City is strictly a short-termcustodian.47

CITY OF TUKWILA: <strong>2012</strong> CAFRBASIC FINANCIAL STATEMENTSFIDUCIARY FUNDSFiduciary funds are used to account for assets held by <strong>the</strong> <strong>City</strong> <strong>of</strong> <strong>Tukwila</strong> as atrustee or agent for various individuals, private organizations, and o<strong>the</strong>rgovernmental units. The Firemen’s Pension Trust Fund is accounted for on anaccrual basis.Firemen’s Pension Trust FundThis fund accounts for <strong>the</strong> payment <strong>of</strong> administrative costs and benefits for retiredfirefighters (and beneficiaries) who were employed prior to March 1, 1970. Primaryrevenue sources are general property tax allocations, fire insurance premium tax,and investment interest, in accordance with actuarial recommendations.Agency FundThis fund accounts for <strong>the</strong> funds over which <strong>the</strong> <strong>City</strong> is strictly a short-termcustodian.47

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