Exhibit 40: Combining Statement of Changes in Fiduciary Net Position

from City of Suffolk FY 2021/2022 Annual Comprehensive Financial Report

by City of Suffolk, Virginia

Table 15 Pledge-Revenue Coverage

CITY OF SUFFOLK, VIRGINIA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION June 30, 2022

Notes to the Required Supplementary Information related to Other Postemployment Benefit Plans City Trust

Changes in Benefit Terms:

There were no changes in the Plan’s benefit provisions during the measurement period ending on January 1, 2022.

Changes to assumptions or other inputs

The following changes in assumptions were made for the valuation date of January 1, 2022:

- The discount rate was lowered from 7.5% to .75% to be in line with the current VRS assumption. - The claims assumption was updated to include the most recent plan experience. - The trend assumption was updated to the most recent table released by the Society of Actuaries. - The salary scale assumption was updated to match that of the most recent VRS valuation. - The decrement assumptions were updated to match those used by the most recent VRS valuation.

Exhibit 40: Combining Statement of Changes in Fiduciary Net Position

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Table 15 Pledge-Revenue Coverage

CITY OF SUFFOLK, VIRGINIA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION June 30, 2022

Notes to the Required Supplementary Information related to Other Postemployment Benefit Plans City Trust

Changes in Benefit Terms:

Changes to assumptions or other inputs

More articles from this publication:

Table 15 Pledge-Revenue Coverage

Table 11 Principal Commercial/Industrial Water and Sewer Consumers

Table 9 Property Tax Levies and Collections

Table 10 Property Value and Construction

Table 4 Changes in Fund Balances – Governmental Funds

Table 1 Net Position by Component

Exhibit 46: Statement of Changes in Net Position – OPEB Trust Fund

Exhibit 45: Statement of Net Position – OPEB Fund

Exhibit 44: Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual Non-GAAP Budgetary Basis

This article is from:

City of Suffolk FY 2021/2022 Annual Comprehensive Financial Report