FY2016 CCDOA Financial Report as of 6302016.pdf - page 33

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Deferred Inflows of Resources
As of June 30, 2016, the Department recorded deferred inflows of resources related to the pension plan in the
amount of $19.0 million, which comprises $10.7 million for its proportionate share of the difference between
expected and actual experience, $7.8 million for its proportionate share of the difference between projected and
actual investment earnings on pension plan investments, and $0.5 million for change in proportion. This change in
proportion relates to prior year net pension liability and net deferred inflows adjusted for the change in
proportionate share based on FY 2014 and FY 2015 contributions. As of June 30, 2015, the Department recorded
deferred inflows of resources related to the pension plan in the amount of $33.6 million, which comprised $6.2
million for its proportionate share of the difference between expected and actual experience and $27.4 million for
its proportionate share of the difference between projected and actual investment earnings on pension plan
investments. The difference between expected and actual experience has remaining amortization terms of 4.7
years and 5.55 years for FY 2014 and FY 2015 costs, respectively. The net difference between projected and actual
earnings on investments has remaining amortization on terms of 3.0 and 4.0 years for FY 2014 and FY 2015,
respectively. The changes in proportion and differences between actual contributions and proportionate share on
contributions have a remaining amortization term of 5.55 years for FY 2015 costs. Refer to Note 5, "Retirement Plans,"
for more details.
Under the provisions of GASB 53, the Department is required to record the changes in the fair value or the mark-to-
market value of its interest rate swaps serving as hedging derivatives at the end of the each fiscal year. With the
implementation of GASB 72, the interest rate swaps that were hedging derivative instruments as of June 30, 2016,
now are stated at fair value. As of June 30, 2016, the deferred inflows of resources associated with hedging
derivative instruments had a fair value of $0.9 million. As of June 30, 2016, the information required to restate the
interest rate swaps that were hedging derivative instruments at fair value as of June 30, 2015, was not available;
therefore, the interest rate swaps for FY 2015 are presented at their mark-to-market value. As of June 30, 2015, the
deferred inflows of resources associated with hedging derivative instruments had a mark-to-market value of $2.7
million. Refer to Note 10, "Derivative Instruments – Interest Rate Swaps," for additional details.
Also included as deferred inflows of resources is the total of unamortized gains on refunded bonds, which are
amortized over the remaining terms of the bonds. The balance of these other deferred outflows decreased from
$5.5 million at June 30, 2015, to $4.4 million at June 30, 2016, as a result of scheduled amortization.
Highlights of Changes in Net Positions
The following table is a condensed summary of net positions for the fiscal years ending June 30, 2016, 2015, and
2014.
1...,23,24,25,26,27,28,29,30,31,32 34,35,36,37,38,39,40,41,42,43,...169
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