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PENINSULA AIRPORT COMMISSION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY (ASSET) AND RELATED RATIOS (UNAUDITED)
JUNE 30, 2024
35
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Schedule of Changes in the Commission's Net Pension Liability
(Asset) and Related Ratios:
Total Pension Liability:
Service cost
221,162
$
198,115
$
186,141
$
220,559
$
218,774
$
196,971
$
245,825
$
252,646
$
247,082
$
238,814
$
Interest
589,989
573,497
547,396
523,017
502,928
517,397
492,440
463,530
431,301
408,005
Differences between expected and actual experience
444,571
(110,151)
(416,205)
86,622
12,947
(523,768)
68,645
74,866
145,651
-
Changes of assumptions
-
-
344,663
-
227,543
-
(56,025)
-
-
-
Benefit payments, including refunds of employee contributions
(457,079)
(423,282)
(523,568)
(414,500)
(382,446)
(412,169)
(376,548)
(379,542)
(347,684)
(280,352)
Net Change in Total Pension Liability
798,643
238,179
138,427
415,698
579,746
(221,569)
374,337
411,500
476,350
366,467
Total pension liability – beginning
8,747,953
8,509,774
8,371,347
7,955,649
7,375,903
7,597,472
7,223,135
6,811,635
6,335,285
5,968,818
Total pension liability – ending (a)
9,546,596
8,747,953
8,509,774
8,371,347
7,955,649
7,375,903
7,597,472
7,223,135
6,811,635
6,335,285
Plan Fiduciary Net Position:
Contributions – employer
97,277
120,355
106,315
95,291
97,542
132,061
137,317
156,792
158,360
220,175
Contributions – employee
120,882
113,948
101,911
114,232
115,053
108,617
116,965
117,182
118,594
117,539
Net investment income
609,260
(10,164)
2,127,188
150,873
505,920
534,359
801,269
113,294
291,702
870,249
Benefit payments, including refunds of employee contributions
(457,079)
(423,282)
(523,568)
(414,500)
(382,446)
(412,169)
(376,548)
(379,542)
(347,684)
(280,352)
Administrative expense
(6,146)
(6,066)
(5,463)
(5,232)
(5,070)
(4,660)
(4,659)
(4,133)
(4,010)
(4,591)
Other
245
223
199
(178)
(318)
(474)
(711)
(48)
(61)
45
Net Change in Plan Fiduciary Net Position
364,439
(204,986)
1,806,582
(59,514)
330,681
357,734
673,633
3,545
216,901
923,065
Plan fiduciary net position – beginning
9,510,166
9,715,152
7,908,570
7,968,084
7,637,403
7,279,669
6,606,036
6,602,491
6,385,590
5,462,525
Plan fiduciary net position – ending (b)
9,874,605
9,510,166
9,715,152
7,908,570
7,968,084
7,637,403
7,279,669
6,606,036
6,602,491
6,385,590
Commission's net pension liability(asset) – ending (a)-(b)
(328,009)
$
(762,213)
$
(1,205,378)
$
462,777
$
(12,435)
$
(261,500)
$
317,803
$
617,099
$
209,144
$
(50,305)
$
Plan fiduciary net position as a percentage of the total pension
liability (b) / (a)
103.44 %
108.71 %
114.16 %
94.47 %
100.16 %
103.55 %
95.82 %
91.46 %
96.93 %
100.79 %
Covered payroll (c)
2,176,639
$
2,666,440
$
2,225,207
$
2,462,544
$
2,441,718
$
2,268,631
$
2,286,395
$
2,369,678
$
2,382,571
$
2,352,297
$
Commission's net pension liability(asset) as a percentage of covered
payroll [(a)-(b)] / (c)
(15.07)%
(28.59)%
(54.17)%
18.79 %
(0.51)%
(11.53)%
13.90 %
26.04 %
8.78 %
(2.14)%
Net pension liabilities are reported using the measurement date, which is one year prior to the reporting date.
See accompanying notes and Report of Independent Auditor
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