1992-1998-FISCAL AUDITS - Laserfiche WebLink

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1 The Town accepted Section 22D of Chapter 32 of the Massachusetts Gen- eral Laws in 1991. This acceptance changes the funding of the Barnstable County Retirement System from a "pay-as-you-go" to an actuarially deter- mined funding schedule. The funding schedule was approved by PERA and was in effect at the beginning of the Town's fiscal year 1992. The amount of the unfunded liability has not been determined and is therefore not reported in the accompanying financial statements. Teachers and administrators under contract employed by the School Depart- ment participate in a contributory plan administered by the Massachusetts Teachers' Retirement Board. The Town does not contribute to this plan. i Generally accepted accounting principles require additional pension disclo- sures which were not available for presentation. i. 12. Post Retirement Health Care and Life Insurance Benefits I The Town provides health care and life insurance benefits to retirees, their dependents, or their survivors. These benefits are provided through the Town's group plans. The cost of these benefits are included in the total cost of benefits for both active and retired employees. The cost of benefits for retirees, their dependents, or their survivors for the year ended June 30, 1995 could not be determined. 13. Self Insurance The Town self insures for health insurance through a joint purchase agree- ment with the Cape Cod Municipal Health Group. The Cape Cod Municipal Health Group self funds all of its health benefit plans, while participating governmental units pay premiums into the group trust funds. The self-insurance health coverage is offered to Town employees, both active and retired. 14. Subsequent Year Authorization The financial statements for the Town of Mashpee as of June 30, 1995 do not reflect the fiscal 1996 annual budget authorized in May 1995. The Town authorized a fiscal 1996 annual budget totaling $ 20,887,496. 19