In: Accounting
The City of Sweetwater maintains an Employees’ Retirement Fund, a single employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city’s General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees’ Retirement Fund as of July 1, 2016, is shown here:
City of Sweetwater |
|
Employees’ Retirement Fund |
|
Statement of Fiduciary Net Position |
|
As of July 1, 2016 |
|
Assets |
|
Cash |
$139,000 |
Accrued Interest Receivable |
58,600 |
Investments at Fair Value: |
|
Bonds |
4,508,000 |
Common stocks |
1,310,000 |
Total assets |
6,015,000 |
Liabilities |
|
Accounts Payable and Accrued Expenses |
351,800 |
Fiduciary Net Position Restricted for Pensions |
$5,663,800 |
During the year ended June 30, 2017, the following transactions occurred:
Required: