HomeMy WebLinkAboutCOM 0711.159 2008-2010William P. Kenoi
Mayor
May 25, 2010
Enc.
J Yoshimoto, Council Chair and
Members of the Hawai'i County Council
Hawai'i County Council
25 Aupuni Street
Hilo, Hawaii 96720
Re: GASB 45 Information
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Deanna S. Sako
Deputy Director of Finance
County
Finance
25 Aupuni Street, Suite
(808) 961-8234
of Hawaii
Department
2103 • Hilo, Hawaii 96720
• Fax (808) 961 -8569
If there are any questions, please do not hesitate to call me.
Hawaii County is an Equal Opportunity Provider and Employer
Nancy E. Crawford
Director
Deanna S. Sako
Deputy Director
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At the Hawai'i County Council Meeting held on May 19, 2010, I presented an informational
sheet relating to GASB 45 (Other Post - Employment Benefits). This sheet, which was
logged in as Communication Number 711.154, showed the pertinent past and projected
data on Retiree Current Premiums, GASB payments, and annual required contributions. It
also showed what would happen if we didn't make the annual contributions on a timely
basis.
To better clarify this informational sheet, enclosed is an updated version which includes the
account numbers as part of the column identifications.
Comm. No. 71!.
Ref. To: C-C - U c 1
Ref. Date ?21 AY 2 5 201A
GASB 45 Information
Fiscal
Year
2006
2007
2008
2009
2010
2011
Totals (2008 -11)
If we hadn't paid:
Fiscal
Year
2006
2007
2008
2009
2010
2011
Totals (2008 -11)
A
010.901.5902.15
Retiree Current
Premiums
6,700,000
6,800,000
9,891,250
9,969,803
12,550,000
14,700,000
47,111,053
A
010.901.5902.15
Retiree Current
Premiums
6,700,000
6,800,000
9,891,250
9,969,803
12,550,000
14,700,000
47,111,053
B
010.901.5902.09
GASB 45
Amount
N/A
N/A
13,613, 063
14, 950, 000
15, 700, 000
16,460,000
60, 723, 063
B
010 901.5902.09
GASB 45
Amount
N/A
N/A
c
Total
Payments
N/A
N/A
23, 504, 313
24,919,803
28,250,000
31,160, 000
Total
Payments
N/A
N/A
9,891,250
9,969,803
12,550,000
14,700,000
D
Annual
Required
Contribution
N/A
N/A
23,426,000
23,426,000
36,000,000
36,000,000
107, 834,116 118, 852, 000
C D
Annual
Required
Contribution
N/A
N/A
33,620,000
33,620,000
51,673, 940
51,673,940
47,111,053 170,587,880
Money saved by paying: 51,735,880
E
Asset
(Liability)
N/A
N/A
78,313
1,493, 803
(7,750,000)
(4,840,000)
Notes: Annual Required Contribution (ARC) is based upon an actuarial study required to be performed every other year.
ARC increased 53.7% over a two year period.
Retiree current premiums is the "pay as you go" amount.
E
Asset
(Liability)
N/A
N/A
(23,728,750)
(23,650,197)
(39,123,940)
(36,973,940)
in four years
F
Cummulative
Asset
(Liability)
N/A
N/A
78,313
1,572,116
(6,177,884) Estimated based on 5/15/10 data
(11,017,884) Projected
F
Cummulative
Asset
(Liability)
N/A
N/A
(23,728,750)
(47,378,947)
(86,502,887)
(123,476, 827)