Annual Financial Report 1989

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Employer and employee contributions for the year totaled $1,704,493.
D. Sunmary of Significant Accounting and Financial Reporting Policies 1. Method of Accounting Refer to Appendix A, as accounting policies are standard for all funds.
2. Valuation of Investments The following is the listing of investments at fiscal year end: TYPE COST MARKET STIP $ 1,514,100 $ 1,514,100 MONT-COMP: 1,994,909 3,497,687 SECURITIES: Federal 3,958,356 4,077,427 -61- IXPE COST MARKET SECURITIES: Corporate 20,607,738
...20,847,414 Total Investments $ 28,075,103 $ 29,936,628 See Appendix A for investment policies as these policies are standard for all funds.
-62- SHERIFFS' RETIREMENT SYSTEM MEMBERSHIP FISCAL ACTIVE INACTIVE YEAR MEIIBERS MEMBERS TOTAL Ofi/30/80 528 28 556 0G/30iS1 5B4 26 580 06/30/82 575 16 591 06/30/83 BS-a 15 599 0G/3G/84 537 14 551 06/30/8E 539 13 552 06/30^6 511 22 563 06/30/87 530 58 588 06/30/88 509 50 559 06/30^9 523 44 567 RETIRED MEMBERS AND BENEFIT RECIPIENTS RSCAL YEAR RETIREMENT DISABILITY SURVIVORS TOTAL 06/30/80 28 8 5 41 06/30/81 30 8 5 43 06/30/82 31 9 6 46 06/30/83 33 9 7 49 06/30/84 33 12 7 52 06/30/85 34 12 9 55 06/30/86 37 13 9 59 06/30/87 46 17 9 72 06/30/88 47 17 10 74 06/30/89 46 21 11 78 -63- SHERIFFS' RETIREMENT SYSTEM COMPARATIVE SUMMARY OF: REVENUES BY SOURCE FISCAL MEMBER EMPLOYER INVESTMENT YEAR CONTRIBUTIONS CONTRIBUTIONS INCOME TOTAL 06/30/80 449,728 455,580 448,345 1,353,653 06/30/81 516,085 560,911 584,511 1,661,507 06/30/82 620,032 668,628 818,235 2,106,895 06/30/83 699.752 749,132 1,080,802 2,529,686 06/30/84 752,392 805,584 1,363,181 2,921,157 06/30/85 784,899 842,733 1,704,246 3,331,878 06/30/86 822.921 892.416 2.370.170 4.085.507 06/30/87 836,232 890,441 2,252,834 3,979,507 06/30^8 780,521 839,509 2.526,090 4,146,120 06/30/89 833,357 871,136 2,764,330 4,468,823 EXPENSES BY TYPE FISCAL ADMIN YEAR BENEFITS REFUNDS EXPENSES* OTHER** TOTAL 06/30^0 165.797 155,065 733 16.052 337.647 06/30/81 154,129 168,935 1,864 64,006 388,934 06/30/82 184,a06 270.425 12,419 26.451 493,701 06/30/83 204/439 136,442 11,957 6,794 359,632 06/30/84 222.818 278,658 16.119 (14.727) 502.868 06/30/85 242.054 219,951 14,992 11,372 488,369 06/30/86 306.424 308.047 17.824 34.358 666.653 06/30/87 383,982 577,233 19,675 980,890 06/30/88 440.142 415.918 18.977 22.955 897.992 06^0/89 465,958 561,415 15,318 28,529 1,071,220 *lncludes Investment Expense **lncludes Prior Year Adjustments, and Fy 1979 has an adjustment to a full accrual accounting system -64- SHERIFFS' RETIREMENT SYSTEM ADDITIONS TO NET ASSETS AVAILABLE FOR BENEFITS FISCAL ANNUAL Nbl ARSETS YEAR REVENUES EXPENSES ADDiTIONS AVAILABLE 06/30/80 1,353,653 337,647 1.016,006 5,744,163 06/30/81 1,661,507 388,934 1.272.573 7,016.736 06/30/82 2,106,895 493.701 1,613,194 8,629.930 OE/30/83 2,529,686 359,632 2,170.054 10,799,984 06/30/34 2,921.157 502,868 2,418,289 13,218,273 06/30/85 3,331,878 488.369 2,843,509 16,061,782 06/30/86 4,085,507 66S.653 3,418,854 19,480,636 06/30/87 3,979,507 980,890 2,998,617 22,479.253 0&/30/88 4,146,120 897,992 3,248,128 25,727,381 06/30/89 4477,553 1,071,220 3,406,333 29,133,714 COMPARATIVE SUMMARY OF NET ASSETS AVAILABLE FOR BENEFITS AND TOTAL ACTUARIAL PRESENT VALUE OF TOTAL BENEFITS (IN MILUONS OF DOLLARS) FISCAL NET ASSETS ACTUARIAL PV YEAR AVAILABLE OF BENEFITS PERCENTAGE 06/30/80 5.7 16.4 34 8 06/30/82 8.6 24.7 34.8 06/30/84 13.2 31.0 42.6 06/30/86 19.5 32.9 59.3 06/30/88 25.7 32.9 78.1 Looking at the amount of the actuarial present value of benefits can be misleading.


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