Audit Team Reports Positive Findings on Jacksonville Pension Plans for Fiscal Year 2020
May 13, 2021 | Jacksonville Beach, Duval County, Florida
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The City of Jacksonville Beach's Pension Board received positive news during its quarterly meeting on May 11, 2021, as the audit results for the fiscal year ending September 30, 2020, revealed an unmodified opinion on the financial statements of its three pension plans. This designation, the highest level of assurance from a CPA firm, indicates that the financial statements are presented fairly and accurately.
The audit, conducted by a team of certified public accountants, highlighted the resilience of the pension plans amid the ongoing global pandemic. While the full impact of the pandemic on the pension plans remains uncertain, the audit found no significant difficulties or discrepancies during the review process. The financial statements included a comprehensive analysis of the plans' performance, with management providing insights into financial highlights and year-over-year comparisons.
Key findings from the audit showed that the general pension plan experienced a 6.1% increase in net position compared to the previous year, with a notable 10.2% investment rate of return, placing it among the higher-performing plans in the state. The police officers' pension plan also saw a significant improvement, with a 9.6% increase in net position, totaling approximately $26.8 million. Meanwhile, the firefighters' pension plan maintained stability, ending the year with a 10% increase in net position.
The audit also revealed that the funded ratios for the plans improved, with the general plan exceeding 80% for the first time since 2015, and the police plan surpassing 90%. These improvements are attributed to a combination of investment returns and contributions from employees, employers, and the state, which helped offset benefit payments and administrative expenses.
Looking ahead, the board anticipates continued positive trends as the city commits to annual payments aimed at reducing unfunded liabilities. The meeting underscored the importance of maintaining robust pension plans for the community, ensuring financial security for retirees and active employees alike.
The audit, conducted by a team of certified public accountants, highlighted the resilience of the pension plans amid the ongoing global pandemic. While the full impact of the pandemic on the pension plans remains uncertain, the audit found no significant difficulties or discrepancies during the review process. The financial statements included a comprehensive analysis of the plans' performance, with management providing insights into financial highlights and year-over-year comparisons.
Key findings from the audit showed that the general pension plan experienced a 6.1% increase in net position compared to the previous year, with a notable 10.2% investment rate of return, placing it among the higher-performing plans in the state. The police officers' pension plan also saw a significant improvement, with a 9.6% increase in net position, totaling approximately $26.8 million. Meanwhile, the firefighters' pension plan maintained stability, ending the year with a 10% increase in net position.
The audit also revealed that the funded ratios for the plans improved, with the general plan exceeding 80% for the first time since 2015, and the police plan surpassing 90%. These improvements are attributed to a combination of investment returns and contributions from employees, employers, and the state, which helped offset benefit payments and administrative expenses.
Looking ahead, the board anticipates continued positive trends as the city commits to annual payments aimed at reducing unfunded liabilities. The meeting underscored the importance of maintaining robust pension plans for the community, ensuring financial security for retirees and active employees alike.
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