Final ACFR - Laserfiche WebLink

Home

NOTE 13 — OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) I. OPEB Expense and Related Deferred Outflow of Resources and Deferred Inflows of Resources For the current year ended, the City recognized OPEB expense of $145,570. As of year-end, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ 747,437 $ 186,110 Changes of assumptions 102,801 366,306 City contributions subsequent to the measurement date 49,708 - Total $ 899,946 $ 552,416 A total of $49,708 reported as deferred outflows of resources related to OPEB resulting from city contributions subsequent to the measurement date will be recognized as a reduction of the total OPEB liability in the year ending December 31, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: December 31, 2025 2026 2027 2028 2029 Thereafter Total $ NOTE 14 — TAX ABATEMENT AGREEMENTS Amount 18,712 18,712 18,712 17,511 19,431 204,744 297,822 The City, in order to spur economic development, housing and redevelopment will enter into private development and redevelopment agreements to encourage a developer to construct, expand, or improve new or existing properties and buildings or clean-up and redevelop blighted properties. The City made payments on six private development agreements: four redevelopment and two housing that would be considered a tax abatement under GASB Statement 77 as of December 31, 2024. The City issued these six agreements through the economic development vehicle known as tax increment financing whereby tax increment revenue is generated on the incremental increase in value above a base established on the date that the tax increment district is created. Per these agreements, the developer shall initially pay for the development property and any site improvements with the City reimbursing these expenses through the issuance of a tax increment revenue note payable solely from the tax increments generated from the project. 93