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CITY OF LA PORTE, TEXAS
<br /> Notes to the Financial Statements
<br /> September 30, 2010
<br /> 6. Pension Benefits — Continued
<br /> The purpose of the biennial actuarial valuations is to test the adequacy of the contribution arrangement and
<br /> determine if they are adequate to fund the benefits that are promised. The actuarial valuation as of August
<br /> 31, 2008 revealed the adequacy of the expected contributions (dues and prior service contributions)
<br /> together with the actual state appropriations for the fiscal year ending August 31, 2009 ($415,405 to help
<br /> pay for the Systems administrative expense) and with the assumed continuation of legislative appropriations
<br /> of (1) the maximum state contribution amount in future years for the System to have a 30 year amortization
<br /> period, and (2) approximately $425,000 each year to help pay for the System's administrative expenses.
<br /> Expected contributions for the fiscal year ending August 31, 2009 are equal to the contributions required.
<br /> The City's annual contributions for fiscal year ending September 30, 2010, 2009 and 2008 were $24,528,
<br /> $19,872, and $18,480, respectively.
<br /> 7. Interfund Receivables, Payables and Transfers
<br /> Interfund transfers during the year ended September 30, 2010 were as follows:
<br /> Transfer In:
<br /> Other Other Internal
<br /> General Capital Govemmental Enterprise Service
<br /> Transfer out: Fund Projects Funds Funds Funds Totals
<br /> General fund $ - $ 5,175,000 $ - $ - $ 2,216,876 $ 7,391,876
<br /> 2010 Certificates of obligation - 141,354 - - - 141,354
<br /> Othergovemmentalfunds 270,000 1,188,245 1,500,758 53,000 - 3,012,003
<br /> Utility fund $ 400,000 - 157,097 - 47,711 604,808
<br /> La Porte area water authority 60,271 - - - 1,305 61,576
<br /> Other enterprise funds - 265,398 - - 18,222 283,620
<br /> Intemal service funds - - - - 13,661 13,661
<br /> Total $ 730,271 $ 6,769,997 $ 1,657,855 $ 53,000 $ 2,297,775 $ 11,508,898
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