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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2023
25
Note 9—Defined benefit pension plan (continued)
Changes in Net Pension Liability (Asset)
Total
Plan Fiduciary
Net
Pension Liability
Net Position
Pension Liability
(a)
(b)
(a) – (b)
Balances at June 30, 2022
8,509,774
$
9,715,152
$
(1,205,378)
$
Changes for the year:
Service cost
198,115
-
198,115
Interest
573,497
-
573,497
Differences between expected and
actual experience
(110,151)
-
(110,151)
Contributions – employer
-
120,355
(120,355)
Contributions – employee
-
113,948
(113,948)
Net investment income
-
(10,164)
10,164
Benefit payments, including refunds of
employee contributions
(423,282)
(423,282)
-
Administrative expenses
-
(6,066)
6,066
Other changes
-
223
(223)
Net changes
238,179
(204,986)
443,165
Balances at June 30, 2023
8,747,953
$
9,510,166
$
(762,213)
$
Sensitivity of the Net Pension Liability (Asset) to Changes in the Discount Rate – The following presents the net
pension liability of the Commission using the discount rate of 6.75%, as well as what the Commission’s net pension
liability would be if it were calculated using a discount rate that is one percentage point lower (5.75%) or
one percentage point higher (7.75%) than the current rate:
1%
Current
1%
Decrease
Discount Rate
Increase
(5.75%)
(6.75%)
(7.75%)
Net pension asset
326,088
$
(762,213)
$
(1,653,130)
$
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