HomeMy Public PortalAbout2011 - MRRL Auditors ReportMISSOURI RIVER REGIONAL
LIBRARY
June 21, 2012
The Honorable Eric Struemph
His Honor the Mayor
City Hall, 320 E. McCarty
Jefferson City, MO 65101
Dear Mayor Struemph:
Enclosed is the 2011 Missouri River Regional Library audit report. .
If you have any questions about the enclosed report, please feel free to contact me at any
time.
Sincerely,
Helen Rigdon
Director
Enclosure
Helen Rigdon
Director
0 0 0 0 0 0
www.mrrl.org
Mailing Address
Osage County Library
Administrative Offices
Main Library
PO Box 89
209 Adams Street
214 Adams Street
1014 D Main Street, PO Box 349
Jefferson City, MO 65102-0089
Jefferson City, MO 65101
Jefferson City, MO 65101
Linn, MO 65051
573.634.6064
573.634.6064
573.634.2464
573.897.2951
Fax: 573.634.7028
Fax: 573.634.7028
Fax: 573.634.7028
Fax: 573.897.3815
- TABLE- OF C ONTENTS
`
PAGE
INDEPENDENT AUDITORS' REPORT ................. :...............
1- 2
MANAGEMENT'S DISCUSSION. & ANALYSIS:......... ..................
3-9
FINANCIAL- STATEMENTS:
Statement of Net Assets and Governmental. Fund Balance Sheet... ..................
1 o -
Statement of Activities and Governmental Fund Revenues, Expenditures,
and Changes in Fund Balance .................................. ...... ...........
11.
- Notes to the Financial Statements ............................: .......................
12-24
- REQUIRED SUPPLEMENTARY INFORMATION:
Statement of Revenues; Expenditures and Changes in Fund. .
Balance - Budget and Actual - Generaf Fund.. .:................
25-27-
Notes to the Budgetary. Comparison Information. , .......... ............... . .
28
Schedule of Funding Progress.' .... ......... ..... ... = ...................
29
r
Evers Company,' CPA's.,; L.L.C.
Certified Public Accountants and Consultants Elmer L. Evers
Jerome L. Kauffman
Richard E. Elliott
Dale A. Siebeneck
- Keith L. Taylor
Jo'_L. Moore
! Wendy M. Renner
INDEPENDENT AUDITORS'. REPORT
To the Board of Trustees of
Missouri River Regional Library .
Jefferson City,.Missouri
We have audited the accompanying financial statements of the governmental activities, each major,
fund and discretely 'presented component unit of .Missouri River. Regional Library (the Library)'
as of and for the yeafended December 31, 2011, which collectively` comprise the Library's basic;
financial statements as listed in the -table, 'of contents.. These financial statements are the.
responsibility of the Library's management. • Our responsibility is to -express opinions on these .
financial statements based on our audit.
We conducted our audit in accordance with auditing standards_ generally accepted 'in the United
..States. of America. Those standards require that.we plan and perform the audit to obtain reasonable
assurance about. whether the e financial, statements are free of material misstatement. -An audit
'includes examining, on a test basis, : evidence supporting the_ amounts." and disclosures in the '
financial statements. , An audit also includes assessing the accounting .principles used and
significant estimates - made by management, as well as evaluating the overall financial statement-:.
presentation. We believe that our audit provides a reasonable, basis for our opinions.
In our opinion;
the financial statements referred to. above present fairly; in all material respects, the
respectivefinancial position of the governmental activities .'and the aggregate discretely presented..
_ = component units of the Library, as of December 3.1, 2011; and -the respective changes in financial
position thereof for the year then ended -in conformity- with accounting principles generally accepted
in the United States of America.
"520 Dix Road Jefferson. City, Missouri 65109 .573/635-0227 FAX 573/634-3764,
Village Green Shopping Center 1021 W. Buchanan Street, Ste. 10' • California, Missouri 65018 ! 573/796 3210. •- FAX 573/796-3452
4571 Osage Beach Parkway, Suite A Osage Beach, Missouri -65065 • .573/348-4141 FAX 573/348-0989
MemberQ6NAffiliaied Offices Worldwide
Accounting principles generally accepted in -the United States of America require that the
management's discussion and analysis, budgetary comparison information and schedule of funding
., progress on pages 3 —9 and 25 — Z9 be presented to supplement the basic financial statements.
Such information, although -not a part. of the basic financial statements, is required by, the
Governmental Accounting Standards. Board, who. considers, it -to be an essential part 0f financial
reporting for placing the basic financial statements in an appropriate operational, economic, or .
- 'historical context. We have applied certain •. limited procedures to ,the required supplementary'
information in accordance _ with auditing standards generally' accepted in the ' United 'States of
-America, -which .consisted -of inquiries of management about the methods. of preparing the
information and comparing the information for consistency with management's responses to our.
inquiries, .the basic financial statements, and. other knowledge' we. obtained. during our audit of the -
basic financial statements. We' do ' not express an opinion or- provide any 'assurance on the
information because the limited procedures do riot provide us'with sufficient evidence to express an
opinion or provide ahy assurance.
EVERS &'COMPANY, CPA=s, L.L.C.
Jefferson City, Missouri .
June 19; 2012
y
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City; Missouri
MANAGEMENT'S DISCUSSION& ANALYSIS"
For the Calendar Year Ended December 31, 2011 .
The discussion and analysis of the MissouriRiver Regional Library's- (the "Library") financial'
performance provides an overall review of the Library's financial. activities for the calendar year
ended December 31, 2011.- .The intent of this discussion and analysis is to look at the Library's
financial performance as a whole; readers should also, review- the basic -financial statements to
enhance their understanding of the Library's financial performance.
FINANCIAL HIGHLIGHTS
Key financial highlights for 2011 are as follows:
• The Library's liquid assets - of cash and investments of $1,537,100 increased over the
course of the year's operation,by $139,862 or 9.10%.
• Library'staff continues writing and receiving grants to help better'serve our patrons. The
IT. department was awarded'two LSTA grants. , One to purchase a new server and the
other for five new.corriputers and monitors -for the reference and teen departments. The
Children's department -was awarded -'a grant .from the State Library for the Reading
Buddies. program. 'In all these grants totaled $15,945.
• 2011. additions to fixed assets included approximately $31,000 for computer equipment
and software. Five of the new computers and a server were partially funded by $6,769 in. "
grant proceeds., Other fixed -asset ,additions included approximately $269,7.75` for book
inventory, $1,350 for library furniture and $0,800 for office furniture and equipment.
• . By belonging to the consortium MoLib2Go Missouri River Regional Library patrons
have access -to a greatcollection of,both eBooks and e=audio books. By combining our
purchasing power with other libraries across the- state, patrons have, access to a much.
larger'collection than if the Library purchased these items on its. own.
• The Missouri River Regional Library Foundation is'included as'a component unit of the
Library for financial reporting.purposes in 2011.
Overview of the Financial Statements
This annual -report. consists -of a series of financial- statements and notes to those statements..
These statements. are prepared and ' organized so the reader can understand the Library as a',
financial whole or as an entire operating � entity. The statements then -proceed to 'provide an
increasingly detailed look at the Library's specific financial conditions.
The Library, because it is a special-purpose government .engaged "in a single governmental
program, has elected.to present the government -wide financial'. statements and_the fund financial
statements combined.
3
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri
MANAGEMENT'S DISCUSSION & ANALYSIS
For the Calendar Year Ended December 31, 201.1
Government -Wide Financial Statements
The. government -wide- Statement of Net Assets and Statement of Activities provide information
about the activities. of the whole ,Library, presenting both an aggregate view of the Library's
- finances and a longer-term view of those assets. These two statements, shown in columnar
format, combined with the governmental funds reports consolidate the Library's . net assets and
the changes in those assets'. --This change in assets is important because it tells -the reader whether,
for the Library as a whole, the financial position of the Library has improved or diminished.
However, in evaluating the overall position of the Library, non=financial information such as
changes in the Library's tax base and the condition of Library_ capital assets will also need to be
evaluated.
Fund Financial Statements
A. fund is a grouping of related accounts that is used to maintain control over resources that have
been segregated for specific activities_ or objectives. The Library, like other state and locale
governments, uses fund accounting to ensure and demonstrate compliance with finance related
legal requirements. The Library uses governmental funds:
Governmental funds
Governmental funds are used to. account for essentially the same functions reported as
government activities in the government -wide financial statements.. However,' unlike the
government -wide financial statements, governmental fund financial statements focus on near=
term inflows and outflows of spendable resources, as well as,on balances of spendable resources
available at the end of the calendar, year: Such information .may be useful 'in evaluating a
„ government's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government -wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmentalactivities iri the government -wide ,financial statements.
- By doing so, readers may better understand the long-term impact of the government's near-term
financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures, and changes in fund balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
The Library maintains one governmental fund, the general fund, which is considered a major
fund. Information is presented separately in the _governmental fund balance -sheet and in the
governmental fund statement of revenues, expenditures, and changes in fund -balances for the
general fund.
The Library adopts an annual appropriated budget for its general fund. A budgetary comparison
statement has been provided for the general fund to demonstrate .compliance with this budget.
4'
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri
MANAGEMENT'S -DISCUSSION ANALYSIS
For the Calendar Year -Ended December 31, 2011
Notes to the Financial Statements
The notes -provide .additional information that is essential to, a full understanding of the 'data'
provided in the government -wide and fund financial statements.
Other Information
In addition -to the basic financial_ statements' and.. accompanying notes, :this reportalso presents
- certain required supplementary information including � a comparison of the actual results of -
operations of the- general fund to, the general, fund, budget adopted by, the board. Also hicluded' is
information concerning the Library's progress in funding its commitment to provide pension
benefits to its employees.
The Missouri River Regional Library -Board -of Trustees has elected to participate in the. Missouri
Local Government Employees Retirement System (LAGERS). The Library's full time
employees do not contribute to the .pension plan. The Library is - required, to contribute at an
actuarially determined rate; the current rate -is 12.3% (general) . of annual covered payroll. The
' contribution requirements of plan. members are determined by the governing body of the Library.
The contribution provisions of the political subdivision are established by state statute.
Missouri River Regional Library as a Whole
The Statement of.Net Assets presents the Library. as a whole.Table .1 provides -a summary of the
Library's net assets for 2011 compared to 2010.
Table 1
Statement of Net Assets
2011 2010
Assets
Current and Other
Assets $4,070,795 $4,137;865
Capital Assets, Net 1,550,450 1,608,854
y Total Assets $5,621,245 $5,746,719
Liabilities
Current Liabilities - $2,883,21.4 $3,064,2.10
Long -Term Liabilities 182,136 188,659
Total Liabilities $3,065,350 $3,252,869
Net Assets
Invested in Capital ' -
Assets, Net of
Related Debt .$1,550,450 $1,608,854
Unrestricted 1,005,445 884,995
Total Net Assets. $2,555,895 $2,493,849
-5
MISSOURI RIVER REGIONAL. LIBRARY
Jefferson City, Missouri
MANAGEMENT'S DISCUSSION &ANALYSIS
For the Calendar Year Ended -December 31', 2011
Missouri River Regional Library as a Whole (Cont'd.)
No portion of the Library's net assets- represent resources that are subject to external restrictions
on -how they may used.
On a fund financial statement basis all unrestricted assets are available for use -when designated
in future operations. The Library historically has paid for capital improvements and construction
projects from the -available unrestricted assets. .
Table 2 -shows the changes in net assets for the year ended December 31, 2011 and 2010. .
.Table 2
Changes in Net Assets Fiscal Year 2011
2011 2010
Revenues,
Program Revenues
Fees, -Fines, Donations and Grants - $169,336 $187,760
General Revenues
.Property Taxes 2,878,459 2,851,724
Investment Income 6,397 9,046
Miscellaneous 3,093 10;188
Gain/(Loss) Disposal of Assets (13,007) (13,037)
Total Revenue $3,044,278 $3,045,681.
Exp enditures/Expenses
Library. Services $2,982,446 $2,966,685
Capital Expenditures 17,297 18,726
Total Expenses $2,999;743 $2,985,411
Change in Net Assets 62,046 60,270
1 Net Assets, beginning of year 2,493,849 1,990,618
Prior Period Adjustment - '442,961
.1
Net Assets, beginning of year; as restated 2,493,849 2,433,579
Net Assets' end of year. $2,555,895 $2,493,849
While several revenue sources help . to fund .the Library, property and other taxes is .the biggest .
contributor,' accounting -for 94.56% of .total revenues. The library'.s assessed valuation is'
provided by subclasses of Real and Personal Property at this time. The. tax levy for the Osage
County Library District for 2011 and 2010 was $.1728 per $100. The tax levy for the City of, .
Jefferson -Cole County -Library District was $.1977 per $100 for 2011 and $.1956 per $100 for
201D. Charges for services such as :overdue materials, photocopies, etc. make up just 2.72% of
total revenues. Investment, income decreased. by 41% from 2010. Donation -and grant revenues
decreased from $99,286 in 2010 to _$86,666 in 2011.
6
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri
- MANAGEMENT'S DISCUSSION & ANALYSIS
For'the Calendar Year Ended December 31, 2011
Missouri River Regional Library as. a Whole (Corit'd.)
Salaries and "benefits for library staffing and administration are by. far the Library's largest
expense at $2,058,8.45 and comprise 68.64% of total expenditures.
Library books and materials, which includes the cost, of periodicals, electronic resources;
material processing"and database services is $361,051 or 12% of total expenses.
Library service expenses, which include. programming, . bookmobile service, electronic" catalog
maintenance and staff training, is $201;479 or 6.7% of total expenditures
Current year depreciation of the Library's capital assets is $36.5,185 or 12.2% of total expenses.
Total accumulated depreciation. increased to... $5,445,860 .or 77% -of total depreciable capital
assets. The.library's. entire. book inventory and related accumulated depreciation were added to
the financial statements on December 31, 2010 -following a five year pricing project.
Operations .and maintenance for building and equipment' is $265,882 or 9.12%, of total
operations...
A total of $291,899 -was capitalized from the operations expenditures. "
Budgetary: Highlights .
The Library adopts an annual operating budget. -for its general fund that is prepared according to
Missouri State Statutes.. The calendar year represented is from January 1, 2011 through
December 31, 2011.
During the-- course " of the year, the library . amended its' general fund budget. All -
recommendations for a. budget change are presented by the Library's Administration to the
Board of Trustees. The general fund -is monitored closely, looking for possible revenue shortfalls
or over spending by individual departments.
Original budgeted revenues for the .general fund of $3,010,010 were adjusted.,by a total of
$30.258 to"account for receipts, and grant revenue. Final budget amount. was $3,040,268; . .
and the actual revenue was $3,057,285. The major factors contributing to actual revenues being
more than budgeted -revenues -were receipt of more thari anticipated tax revenue and state aid, and .
higher than expected revenue from the annual book sale.
Original budgeted expenditures for the general fund _of $3,010,010 were adjusted -by a total .of
'$30,258 to account foregrant.expenditures and 'programming and public information expenses.
Final budget amount was $3,040,268; the actual expenditures. were $2;926,379.
7
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City; Missouri
MANAGEMENT'S DISCUSSION & ANALYSIS
Forthe Calendar Year Ended December 31, 2011
Capital Assets -
Table 3 shows a comparison of Capital Assets at December 31, 2011 and 2010...
-, Table 3
Capital Assets
2011 2010.
Land$ 322,095 $ 322095
Building 1,922,8.18' 1,922,818.
Books 3,609,880 3,506,865
Automation 472,257 491,927
Automobiles 242,832 242;832'
Furniture -and Equipment 552,153. 568,177,
Total Capital Assets 7;122,035 7,054;714
Total Accumulated
Depreciation .(5,571,585), (5,445;860)
Net capital Assets S 1,550,450" $ 1,608,854
As of December 31, 2011, the Library's investment in capital assets amounted'to $1,550,450 (net
of accumulated depreciation)." Before depreciation, there was.'a net increase of $67,321. "
Debt Administration
The -Library had no outstanding indebtedness during 2011.
Economic Factors and Next Fiscal Year's. Budget:
Net ."growth in assessed valuation' (including new' construction growth) f6r=2011 is
rf approximately .3% for the City of Jefferson -Cole County Library District. The net .
growth,.in ,assessed valuation for the Osage County. Library District for 2011 is
approximately 1.2%.
• The 2012 budget was prepared using a tax rate of $.1977 per $100 valuation for the City
t of Jefferson -Cole County.Library District and a rate of $.1728'per $100 valuation for the
Osage County Library District.
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri
MANAGEMENT'S DISCUSSION & ANALYSIS
For the Calendar Year'Ended December 342011
Economic. Factors and Next Fiscal Year's.Budget: (Cont'd:)
• . The economy and the effect it has on the. Library's budget -remains a concern for the
Board and Library staff. Staff will again look -over the benefits offered, to employees in
the 2012 and 2013 budget cycles and make changes if needed.
e The Library Board will be :asking the voters of Cole and Osage. Counties to approve a
property. tax levy increase in 2012. The outcome of this vote will impact the Library's
budget for 2013. .
• One _aspect the. Library is ' studying -is making the current main library. building more
energy efficient. An. energy audit is tentatively .planned for .2013. _ Based on, those
findings the Library will formulate -a "plan -to -address areas of concern. 'Single -paned' -
'windows
windowsand inefficient heating and cooling systems are"expected to be on that:list.
Contacting the District's Financial Management
This. financial discussion and report is designed to provide a general overview of the Library's
finances for all. those with an interest in the; Library'. s finances and' io demonstrate the Library's :.
accountability for the money it receives. - Questions. concerning any of the information provided
in this report or requests for additional financial information should be -addressed to the Director
or the Assistant -Director for Business and Finance, -Missouri -River Regional Library; P.O. Box
_ 89; 214 Adams St., Jefferson City, MO 65102.
r -
9
The accompanying notes are an integral part of these financial statements.
10
MISSOURI RIVER REGIONAL
LIBRARY
Jefferson City, Missouri
T
STATEMENT OVNET. ASSETS'ANR GOVERNMENTAL FUND
BALANCE SHEET
December 31., 2011
Statement of Net -Assets
Adjustments
Primary
Component
General Fund
(Note 2)
Government
Unit
ASSETS
4
Cash and. Investments ..
1,537,100
-
1,537,100
27,0301
-
Property Tax Receivable, net
2,527,564.
-
2,527,564
- „
Interest Receivable
1,93'1
-"
1,931
Other Assets
4,200
-
4,200
>U
Land
-
'322,095
322,095•
-
Other Capital Assets, net of Accumulated Depreciation -
1,228,355
1,228,355-
,228,355-Total
'Total
Assets ..
4,070,795
1,550,450
5,621,245
27,030
LIABILITIES _
Accounts Payable
47,143
-
47,143
-
Deferred Revenue
2,853,582_
(17,511)
2,836,071
Compensated Absences
-
182,136
182;136
-
�.
Total Liabilities
2;900,725
A64,625
3.,065,350 .
-
1
FUND BALANCES/NET ASSETS
Fund Balance:
Unassigned
1,170,070
(1,170,070) -
=
-
Total Fund Balances.
1,170,070
(1;170,070)
-
-
Total Liabilities and Fund Balances
4,070,795
2
Net Assets:
1 ^
Invested in Capital Assets
1,,550,450
1,550,450
=
Unrestricted
1,005,445
1,005;445
27;030
Total Net.Assets
2,555,895
2,555,895
-27,030
u
The accompanying notes are an integral part of these financial statements.
10
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City; Missouri
NOTES TO THE FINANCIAL STATEMENTS -
For The Year Ended December 31; 2011
NOTE 1 ORGANIZATION AND SUMMARY OF -SIGNIFICANT ACCOUNTING
POLICIES:
Organization
The Missouri River Regional Library (the Library). was created ,on- April 1, 1994 under the
authority. of RSMo 70.210 when.the political subdivisions of -the City of Jefferson/Cole County .
Library District- and the, Osage County'Library District sighed a joint'contract. The Library is '
headquartered' in Jefferson 'City, Missouri, with a second" location in Linn, Missouri as well as
additional.coverage provided by the Library's bookmobile.
The Library's- purpose is. to plan, .develop, operate and "pr"ovide a librarysystem for the .use and
benefit of the _ residents of the City of Jefferson/Cole County- Library District and "the Osage
.County Library District, and to fulfill and provide to. the extent possible those facilities,
-programs, materials and services. of'a public library as are normally contemplated and.a ithorized .
to:be provided under the laws of the State of Missouri.
Financial Reporting Entity
The Library's combined financial statements include the accounts of all. Library operations The
criteria. for including organizations as component units within the Library's reporting entity, as
set forth.in Section 2100 of GASB's Codification'of Governmental Accounting and Financial .
Reporting Standards, include whether:
the organization is, legally separate (can sue and be sued'in its: own name),
* the Librarytolds.the, corporate powers of the organization
* the Library,appoints. a voting majority of the organization's board
* the Library is able to impose its will on the organization
* the organization has the potential to impose a financial benefit/burden on the Library
* there is. fiscal dependency by the organization of the Missouri River Regional Library.
Based on the aforementioned criteria, -the Missouri River Regional Library has one component
unit.
The Missouri River Regional Library Foundation, financial statements (forthe year" ended
December 31, 2011) are included as a discretely presented :component unit, because'' the
economic resources received by the Foundation are for the direct benefit of the Library.
12
f � -
MISSOURI R]-VER.REGIONAL'LIBRARY
Jefferson City; Missouri° r
- NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended December '312011'
.NOTE 1:! ORGANIZATION . AND SUMMARY OF ,;:SIGNIFICANT ==ACCOUNTING s
TOLICIESc (Cont'd )
measurement,Focus,"Basis of AccountinE.and Financial:StatementTresentation`'?'
The =accounts of the• Library I"are .organized and operated ,.on the basis' of funds: A- fund is an
independent fiscal and :accounting entity with aself:balancing set of accounts - `Fund accounting
separates hinds according to., heir. intended purpose and, is used,:ao :aid' .management in.
demonstrating- compliance-.with finance-related legal, and contractualprovisions The'minimuni
t . `=number. of funds are maintained, with.legal_and_managerial requirements :
The-ibrary_has the following'fi nd type:'
- Governmental Funds are ,used`-to _ account for the government a :general .governmental.:
activities: The Library has one governmental fiznd, the General Fund , The General Tund is
�.. -
the. Library's ope-ratirig:fi ijd: ` It accountsfor. all financial resources of the Library:
The government wide financial statements (i.e-.,' the statement of net assets and the:statement of
{ activities) report information on all`:of the non=fiduciary: activities of .the Library The
government=Wide; financial: statements-are repo' t -using ;the, economic -resources measurement -
1 focus and the accrual, basis of accounting Revenues are recorded when earned: arid. expenses. are
recorded when a liability is incurred; regardless .ofahe timing of related cash_flows Property
taxes are recognize 45, revenues in. the year for which they.are budgeted.:;They are-recorded as
{ f
deferred revenues mthe .year m whA- they are. levied Grants -and similar items are recognized
as revenue as soon'as all: eligibilrtyrequirements unposed by-the.providerhave Been-met. _
The fund financial statements emphasize, major"governmental funds, each displayed in a. separate
column: Governmental fund financial -'statements are:accounted: for. >usmg . a current financial
-resources ,. measurement :. focus arid'. the modified accrual.' basi's of accounting .: ;With- .this
r� >' measurement:;focus;" only ' current assets and - current liabilities; generally are; included on the
' .;balance sheet:= The statement of revenues, expenditures and-changes in: fund'balances-reports on
the. sources, (i.e.; revenues :and other financing sources) and uses, (i e; expenditures and heF
f ` financing uses) of current: financial resources This approach 'differs. from;'the manner in which..: . .
the governmental activities of the government-wide (financial statements are prepared:,' Since -the
governmental "'_fund financial :,`statements arid: government-wide `financial` statements, are
1. combined, an adjustment: column is provided:to show the'. reconciliation.'betwe'en the -two sets of
financial statements: The.notes to the financiaT:statements.further describe the:ad�ustments by
providing brief ,explanations to .better identify the relationship between the .governrrient=wide
stateineiits and <the statements for governmental: funds:
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri
NOTES TO THE -FINANCIAL STATEMENTS
For The Year Ended December 31, 2011
NOTE .1= ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES:- (Cont'd.)
Measurement Focus, Basis of Accounting and Financial Statement Presentation ,(Cont'd.)
_- Under . the' modified accrual basis . of accounting, revenues are recognized in the accounting
period in which they become both measurable and available. The term available is defined as
collectible: within the current period.'or expected to be collected soon enough thereafter to be
used to pay liabilities of the current period. For. the Library, available. means expected to be
receivedwithin sixty.days of year end.
Expenditures are generally recognized under the modified accrual basis of accounting when the
related fund liability is incurred.
The Library follows GASB Statement No. 33, Accounting and Financial Reporting for Non-
' Exchange Transactions (GASB 33), which establishes accounting and financial reporting
— standards for nonexchange transactions involving financial -or capital resources,
GASB 33 groups nonexchange transactions into the following four classes, based upon their.
principal characteristics: -derived tax revenues, imposed nonexchange revenues, governmental
mandated nonexchange transactions, and voluntary nonexchange transactions.-
-The
ransactions:
-The Library recognizes assets from imposed nonexchange revenue transactions in the period in
- , which an enforceable .legal claim -to the assets arises or in ' which the resources are received,
whichever occurs first.. Revenues are recognized in the ..period in which the resources are
required'to be used or the first period,that use is permitted. For example, for property taxes, the
period for which they are levied. ,Resources received or recognized as receivable before the time
requirements- are met. are 'reported . as deferred revenues. The Library's budget is based on the.
previous. year's assessed valuation and tax levies. Recording deferred tax revenue allows
recognition of the -revenue in the -period for which it was budgeted.
Intergovernmental revenues, representing grants; entitlements, donations ,and assistance -received
from other governmental units, -are generally recognized as revenues in the period in which all
eligibility requirements, as defined by GASB 33,, have been met. Any resources received before
eligibility requirements are met are reported as deferred revenues.
Charges for. services, such as fines, book. sale revenues and photocopy revenues, in the
governmental funds, which are exchange . transactions and are, therefore not subject -to the
provisions of GASB 33, are recognized as revenues when received in cash because -they are
-- generally not measurable until actually received.
14
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri .
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended December3l, 2011=
NOTE 1- —_ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES:-(Cont'd.)
Estimates
The preparation of financial statements in accordance. with accounting principles, generally
accepted in the United States of America requires -management to make ' estimates and
assumptions that `affect certain. reported amounts and disclosures.. Accordingly, actual results
could differ from those estimates.
Capital Assets
The accounting treatment for property, plant and equipment (capital assets) depends ori whether
the assets are reported in the government -wide or fund financial statements.
Government -wide Statements
In the government -wide -financial statements capital assets are valued at historical cost, or
estimated historical cost if actual is unavailable, except for, donated capital assets,. which are
recordedat their estimated fair value at the date of donation.
Depreciation -of ;all: exhaustible capital -assets is recorded . as -an expense in the Statement- of
Activities,- with accumulated depreciation reflected in the Statement of Net Assets. Depreciation
is provided over the. assets' estimated useful lives using the ,straight-line method of depreciation.
The range of estimated .useful lives by type of assets is as follows:
Building and Equipment 20 - 45 years
Furniture- and Equipment. . . 5 20 years
Automation 3 —10 years -
'-Vehicles 5 —15 years
Books 5 years
The minimum capitalization threshold is any item with a.total cost greater than $1,000:
The costs of normal maintenance and repairs that do not .add value to the assets -or. materially
extend the asset's life are not capitalized. The Library does not possess any infrastructures.
Fund Financial Statements
In -the fund financial statements,- capital assets used in governmental fund operations are -
accounted for as capital outlay expenditures of the governmental fund upon acquisition.
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri -
NOTES TO THE FINANCIAL STATEMENTS .
For The Year Ended December 31, 2011
NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES: (Cont'd.)
Compensated Absences
Accumulated paid time off is accrued monthly. Employees accrue twenty days per year during
the first -five years of service, increasing to a maximum of twenty -.eight days after fifteen years of
employment. The maximum accrual allowed to be carried forward is sixty days.
All employees also receive six days per year catastrophic leave with unlimited accrual. There is
no payment of accrued catastrophic leave upon termination; therefore an accrual has not been
— made in the financial statements.
The liability for compensated absences is not recorded in the fund financial statements since it is
anticipated that the liability will not be liquidated with currently available financial resources. .
Accrued Liabilities and Long -Term Obligations
- - All payables, accrued liabilities. and long-term obligations,' are reported in -the government -wide
financial statements..
In general, payable and accrued liabilities that will be paid from governmental funds are reported .
on the governmental fund financial statements regardless of whether they will be liquidated with . .
current financial resources. However, special termination- benefits that will be paid -from
governmental funds are reported as a liability in the fund financial statements only to the extent_
that they will be paid 'with, current;: expendable, available . financial resources.. In general,
liabilities that mature or come due for payment during -the fiscal year are considered to have been
made with current available financial resources: Other long-term obligations that will be paid
_ from governmental funds are not recognized, as a liability -in the fund financial statements until
due.
Subsequent Events
The Library evaluates events and- transactions occurring subsequent to the date. of -the financial
statements for matters requiring recognition or disclosure in -the financial statements. The
accompanying financial statements consider events through June 19, 2012, which is the date the
financial statements were available to be issued.
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri
NOTES TO THE -FINANCIAL STATEMENTS
For The Year Ended December31' 2011
NOTE 1 = ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING.
POLICIES: (Cont'd.)
Net Assets
Net assets represents the difference between assets and' liabilities. Net assets invested in capital
assets, net of related debt consists .of capital assets, net of accumulated depreciation,,reduced by
the' outstanding' balances of ''any borrowin.gs' used: for the acquisition, construction, or
-improvement of those assets. Net assets are reported asrestricted, when there are limitations
imposed on their use either through the enabling legislation adopted by the Library or through'
external restrictions imposed by creditors, grantors or_ laws or regulations of other governments.
All other net assets are reported as unrestricted. The Library applies restricted resources first
when an expense, is incurred for purposes for which both_ restricted and unrestricted net assets are
available:
— NOTE 2 RECONCILIATION OF THE GOVERNMENTAL FUNDS "BALANCE SHEET
TO THE STATEMENT OF NET ASSETS:
Total Fund Balance — governmental ,funds .............................. .. $1;170,070
Amounts reported for governmentalactivities in'the
Statement of Net Assets are different because:
Capital assets used in governmental activities are not
Financial resources and therefore are not reported, in the
funds. The cost of the assets is $7,122,034 and the
accumulated depreciation is $5,571,5.84... ..........:.: .............:. 1,550;450 .
- Property taxes and other receivables will be collected
this year, but are not available to pay for current -period .
expenditures and therefore are deferred in the funds..." 17,5'11
Long-term. liabilities are not due and payable in the current
,period and therefore are not. reported in .the funds as follows:
Compensated absences' (182,136)
NET. ASSETS OF GOVERNMENTAL ACTIVITIES .......................... 2 555 895
17
MISSOURI RIVER REGIONAL -LIBRARY . , ..
"_
- Jefferson Cty,;lVlissouri
NOTES TO THE FINANCIAL STATEMENTS' .
"
For The Year'Ended December3.1; 2011
NOTE,' `3::--.'= -RECONCILIATION : _JOF � THE- . STATEMENT "
OF-: REVENUES., , ..
- EXPENDITURES. AND :=CHANGES- N. FUND- :BALANCES,,,.OF GOVERNMENTAL
`FUNDS TO THE STATEMENT -OP ACTIVITIES:"
--EXCESS" OF REVENUES OVER(VNDER) EXPENDITURES
TOTAL,GOVERNMgNTAL FUND BAI;ANCES..
: $:130,906
Amounts reported for.governmental activities in the. .
Statement of "Activities are different because
Capital outlays.are reported as expenditures`m.the
;.
,
governmental :funds However; In ,the Statement of
Activities; the cost of capital:assets is allocated:over
their estimated:useful lives as;depreciatiori expenses
In rim
_ e crente,heseaounsare
1
Capital assets purchases. $..312,712
_
Depreciation expense:,.. 358-1M
`
`Total ......... .
(45,396)
.Revenues in they Statement of Activities that do riot provide
current financial resources are not reported as revenues in
__
-•
the., funds -deferred-tax-revenue.: ..
-17,511
ies,e loss or gain ori the
In.the Statement..of Activrt;th
...
sale _or disposal -.of capital assets is recognized. 'The
financial statements recognize only the proceeds
- -
..
from assets The:amounts areas follows
Gam/(loss) on_'disposal'of capital assets ., (13,'007_)
Total
(15M7)
Some expenses reported m the Statement of Activities
do=not,require the use.of currentlinancial resources
-
_
and therefore arenotreporfed;as expenditures in
{governmental
funds "These activities" consist.of:."
. Decrease in'comp-ensaied absences ..
L27,2968)
;EXCES-S OF REVENUES OVER (IJNDER)�EXPENDITURES
OF: -GOVERNMENTAL ACTIVITIES.
62 046
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri.
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended December 31, 2011
NOTE 4 —DEPOSITS AND INVESTMENTS:
The Library's.investments at December 31, 2011 consist of the following:
Fair Less Than
Investment Type Value One Year
-- Repurchase agreements $1,350,170 $1,350,170
,- _ - 1 350 170 1350 170
Custodial Credit Risk.—Tor an investment, custodial credit risk is the risk that, in the event of the .
failure of .the counterparty, the organization "will not' be able to recover the value of its.
investments or collateral securities that are in the possession of an outside party. Repurchase
agreements had a bank balance of $1,350,170 at December 31, 2011 and are not covered by
.FDIC but are backed by pledged securities. All of the organizations investments are held by the .
investment's counterparty, not in the name of the organization.
Investment Interest Rate Risk - The Organization has no formal 'investment policy .that limits
investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest -rates. Maturities of investments held at December 31, 2011 are less than one
year.
Investment, Credit Risk — The Library has no investment policy that limits its investment choices
other than the limitation of state law "as follows:
-- Missouri Statutes and legal opinions authorize the Library to invest in certain types of
investments including, but not limited to, collateralized public deposits (certificates of
deposit), U.S. Treasury and federal agency securities, and repurchase agreements.
Collateral -is required for demand deposits and certificates of deposit. The market value
of the collateral must equal at least 100% of deposits not covered by federal deposit
-- insurance. Securities underlying a repurchase agreement must have a market value of at
least 100% of. the cost of. the repurchase agreement. Obligations pledged .to secure
deposits are delivered to the bank's joint -custody account at the Federal Reserve Bank.
Concentration of Investment Credit Risk — The Library places no limit on the amount it may
invest in any one issuer. At December 31, 2011, the Library's investments were.held at two
financial -institutions. Uncollateralized deposits.at one financial institution"were in the amount
of $1.1,962.82 at December 31, 2011. Deposits at the other financial institution were fully
insured or collateralized.
19
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended December 31,2011
_ NOTE 4 - DEPOSITS AND INVESTMENTS: (Cont -'d.)
Discretely Presented Component' Unit - At December 31, .2011, the Missouri Riser Regional
Library Foundation's investment and deposit balances were as follows:
Deposits 27 030
NOTE 5 -PROPERTY TAX REVENUE AND RECEIVABLES:
Property taxes are levied by the Counties of_ Cole and Osage each March 1, based on property
values assessed as of the previous January 1. Property taxes are ' considered past due on January 1
following -the levy date, at which time the -applicable ,property is subject to- lien and the assessment
of penalties and 'interest. Cole County and. Osage County bill, and collect. property taxes �on-behalf
of the Library. _
The property- tax- rates. per $100 assessed -valuation for 2010 for each of ,the respective taxing .
districts were as follows:
Osage County $0.1728
City of Jefferson/Cole County $0.1956,
The assessed -valuation for property upon which, the. fiscal 2010 levy was based was as follows:
Osage County- $ .158,016,460
- City. of Jefferson/Cole County. 1,305,234,798-
Tax
,305,234,798Tax :revenue -receivable at December 31, 2011 on the fund financial statements. consist of the
following:
Taxes Receivable $2,588,070
Less Allowance for Uncollectible 60,506
-Total .
NOTE 6 -.LEASES:
The Library, located in Linn, Missouri, entered into a month-to=month lease with monthly rent =
payments of $1,500 for facilities to conduct operations. The original lease expired in' April 2005.
The lease has been continued on a'month-to-month basis -at the agreement of both parties at the
same rental rate.
- ,. 20
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City,;Missouri
MISSOURI RIVER REGIONAL; LIBRARY
Jefferson City, Missouri
NOTES TO THE FINANCIAL, STATEMENTS
For The Year Ended December 31, .2011
NOTE 7 - RETIREMENT PLANS: (Cont'd:)
C. Annual Pension Cost
For the 2011 plan year, the political subdivision's annual pension cost of $139,950 was -equal
to the required -and actual contributions: The required "contribution was determined"as part of.
the February 28, 2009 and February 28; 2010 annual"actuarial valuation using the.entryage "
actuarial cost method. The actuarial assumptions included (a) a rate of return on the
investment of' present and future assets of '7.25%. per"year, compounded annually, (b) .
_— projected salary increases .of 3.5% per, year, compounded annually, attributable to inflation,
(c) additional projected salary increases ranging from -0.0% to 6.0% per year, depending -on
"ageand division,- attributable to seniority/merit, and -(d) pre --retirement mortality -based on
75% of the RP -2000 Combined Healthy Table set back 0 years for men and 0 years for
- women. and (e), post-retirementmortality based on 105% of, the 199.4 Group Annuity
Mortality table set back 0 years for men and 0 years for women. The actuarial'value of assets
was determined using techniques -that smooth the effects of short-term volatility in.the market
= . value of investments over a five-year period. The unfunded actuarial accrued liability is
being amortized .as "a level "percentage of projected payroll on a closed basis.- The
amortization _period as of February 28, 2009 was 26 years for the general division.. The
amortization period at February 28, 2010 was 22 years for the. general division. -
Three -Year Trend Information
Fiscal Annual Percentage Net .
Year. Pension of APC Pension
Ending Cost (APC) Contributed' Obli ag tion .
06/30/.09 -127,425 100% -0=
06/30/10 134,585 100% -0-
- 06/30/11 139,950 100% =0-
The following table summarizes the funding status of the latest actuarial valuation date:
Schedule of Funding Progress
Entry Age Unfunded.,
i Actuarial Actuarial Actuarial Accrued Annual UAL as a
Valuation Value Accrued Liability . Funded Covered Percentage of -
Date- of Assets Liability ' (UAL) Ratio Payroll Covered -Payroll
2/28/2011 $1,106,386 $ 1,731,397 $ 625,011 64% $ 1,124,029 56%
22
MISSOURI RIVER REGIONAL LIBRARY.
Jefferson .City; Missouri
NOTES TO- THE FINANCIAL STATEMENTS
For The Year Ended December 31, 2011
MISSOURI RIVER REGIONAL LIBRARY
Jefferson City, Missouri
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN .FUND BALANCE -
BUDGET AND ACTUAL -GENERAL FUND
For the =year ended'De6ember'31', 2011
25
Variance
- „
Original.
Final.
Favorable
Budget
Budget
Actual
(Unfavorable)'
REVENUES
,Tax Revenue
2,864,703.
2,864,703
2,8781459"
13,756 -
State Aid
4.107
- 41;807
52,494 ,
10,687'
Investment Income
20,000
20,000
6,397
(13,603) = -
Fines
46,000
46,000
41,435
-(4,565)
Grants
-
19,424
21,945" '
2,521
Lost Books and Cards-
7,000
7,000-
5,471
(1,529)•' _ .
Photocopy Revenue, - -
12,500
12,500
13,718
1,218
_ Book Sale Revenue .
75,000
-15,000
22,046
7,046 .
Miscellaneous
= 3,000.
3,000
3,093
93"
Gift Receipts
- "
10,834,
1,2,227:
1,393
Total Revenues
3,010,010'
. 3,040;268
3,057,285
17,017 ;
EXPENDITURES
Personnel Related:
Administration
460,365
460;365 ,
457,203
3,162'
Network & Automation Services:
99,804.
99,804
96,345,
-31459
Childrens -
191,007
191,007.
175,384 .'
15,623 .
Reference
199,572
199,572
-210,469.
(10,897)
Circulation
247,256
247,256
251,414
(4,158)
Outreach:.57,570
57,570
57;570
-
Technical Seryices
200;776
200,776
197,495
3,281
Osage Branch
65,141
65;141
61,609 _
3;532
Employee Relations
`4,000
'4,000
2,155
1,845
s Payroll'Benefits-Emp1rFICA
116,394
116,394
1131-166
3,228
Payroll Benefits -Retirement'. - :' -
154,845
154,845
141,222
1.32623'
Payroll Benefits -Insurance- .
282,944
278,805
257;714-
21;091' -
Payroll Benefits -Match Def'Comp
5,596
5,596
'7,320
(1,724) .
Payroll.Benefits-Cafeteria Plan Expense.
300
300
330
(30)
Unemployment Expense _
-
-
1,481
(1,481)' ;
-- Total Personnel Related
2,085,570
2,081,431,
2,030;877
50,554,
25
26
MISSOURIRIVERREGIONAL. LIBRARY
Jefferson City, Missouri
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET .AND ACTUAL -GENERAL FUND
For the year ended ,D&ernber'34 ,2011
=
Variance
Original
Final,
Favorable' .
Budget
Budget
Actual
(Unfavorable)
EXPENDITURES (Continued)
Books. and Materials:
.Adult Books --Non Fiction. _'
55,000
55,000
51,700
3,300.
Adult Books-Ficfion
- 55,526
55;526
48,466
7,060
Adult Books -Reference
35,000.
35,000,
33,661 -
1,339'
Adult Non-Book-l'eriod/News
22,000
22;000
20,121
1,879`
Adult Non -Book -Audio
22,000
:.; 22,000:
24,746
(2,746)
AdultNon-Book-Video
21,500
21,500
24,166
(2,666)
Adult Non -Book -Ref Online
. 29,000
29,000
24,2.14 '
4,786
Downloadable Material-
10;000
9,192. '-
.808
Adult Non-Book-Mircoforms
6,600
6,000 --
7,986
_(1;986)
Teen Books
. 9,000 -,
9,000
.9,304 "'
(3,04)-' '
Juvenile Book -Non Fiction-
26,000~-
26,000-. -
28;386 ..
(2,386)
Juvenile Book -Fiction
27,000
27,000
25,3.17
1,683
Juvenile Book -Reference
1,500
1,500.
187 "'.;
1,313. _
JuvenileNon-Book-Periodical.
2;000. :' -
2,000.
1,305,
695
JuvenileNon=Book-Media
17;000
17,000
.17,082
(82)
Collection Development Tools
'2,000
2,000
2,395
(395)--.
Public Use Software
1,000
1,000.
1,045:
(45)
Filtering Software License•.
- 600
600 , .
576
24
" Internet Access/Real Project
1.1,500
11,500'
9,895
1,605
MOBIUS Fees.
8,500
8,500. "
8,379
121
OCLC-Cataloging
21,117: '
2.1;117 -
17,'117 '.
4,000 .
Interlibrary Loan
2,250
' 2,250-
2,058.
192
Rebinding
500',
500, ,
484
16',
Collection Agency Fees
y 6,816
6,816
6,881
(67)'.
Total Books and Materials ,
392,809
392,809
374,665
18,144
L' ibrary Departmental Overhead:
Bookmobile: _OPER-BM
10,000
10,000,
- 7,337
--.2,663,
Library Automation Contracts
43,71.5
43,715.
45,856
Library Supplies _ :
35,000
35,000
26,520:
8;480:
Photocopy
12,200-
12,200
9,089
3,111
Programming -Adults
= ' 18,000
29;000'
27,752
1,248', .
- Programming-Childrens.
14;000
17,500
-16,293: '-
1,207,
"- Programming -Osage
3;800
4,492
3,678..
814
Programming -Teen
3;500 -
4,191
3,627
564
Public. Information
28,000.
28,000'
: 18,426
9,574, '
Recruitment
3,500
- 3,50Q -
3,338
162 '
Travel & Training
15,324
15,324 , .
-
15,324
'• Volunteer Recognition
200 .'
-200
88 -
112;
Total Library Deptarmental,Overhead 187,239
203,122.
175,404
-27,7181, =
26
.MISSOURI RIVER REGIONAL LIBRARY
Jefferson City; Missouri .
STATEMENT OF.REVENUES; EXPENDITURES: AND CHANGES IN=FUND BALANCE =
BUDGET AND ACTUAL -GENERAL FUND
For the year ended December 31, 201:1
27
Variance
Original
-Final -
Favorable'
Budget
Budget
Actual
(Unfavorable) ,
Overhead:.
Bank Charges,,1;680
_
1,680
1;617;
'63 .
Custodial Contract: Branch •
4,500
4,500
3,757 ,
743 ..
Custodial Supplies
6,000
','6,000
4,721
Delivery Service_
3,500:
3,500
3,399
101
Insurance -Business
32,000
22,000.
21,367 ::
, ' 63,3 ,,
Maintenance -Building & Equipment .
30,000"
30,000
'26,925
3,075
Maintenance-Furniture&.Equip-
8;000
8,000.-
4,434
3,566,
_ Office Automation Contracts
4,000
4,000
3,685
315
Office Supplies
10'000 ''
10,000-
-10,665
(665)
Postage
18,000.,
18,000,
13,251
4,749
-Professional Services -
13,000
13,000 „
. 10,353
2,647'
Rent -Osage-
18,600
.18,600.
18,000
600
Rent -Weldon .-
51,912
:51,912
50,400 -
1,512
Telephone
'12,000
12,000
10;405
1,595
Telephone:_ Oper-Osage
1,000
1,000.
1;198
-(198) '
Utilities
73,000. "
'73500.0
'821986(9,986)
'
Utitilities: Oper-Osage
4,000
4,000
4,314.. •
(31.4)
Vehicle Op eration/Passenger. .,
4,700
4,700
4,772
-(72)
- Total Overhead
295,892 `'.
285,892
276,249
9,643
_ Capital Expenditures:
Building &'Building Equipment
2,000'.
2,000
1,352
648
Contingency,. '
..6,500
6,500
- ..
= 6,560,'.
Computer Equipment & Software
'40,000
44,294
44,293 _
1
_ ; Library.Furniture &Equipment -
-
951
951
-
Office Furniture & Equipment
-
9,845
9,845
-
Grant Expenses
-
13,424
12,743
681
Total Capital Expenditures
48,500
77;014
69,184
7,830
Total Expenditures"
3,010,010
: 3;040,268 "
2,926-379- -"
113,889'
Excess of Revenues over Expenditures
-
=
130,906 ,>
''130,906
Fund Balance, Beginning of Year
- .
1,039,164,-
.
Fund Balance, End of Year ' .
-
-
1,176,010-
27
-'' -MISSOURI RIVER REGIONAL LIBRARY.
Jefferson City; Missouri
SCHEDULE OF FUNDING PROGRESS
For The Year Ended December 31, 2011
Scheduie of Funding Progress
'
[(b-a)/c] :
�) (b -a)
'UAL as a .
(a) Entry Age Unfunded (c) -
Percentage ,
Actuarial ;Actuarial':- Actuarial-- Accrued- - (a/b).Annual :
of.
Valuation Value.-._.' Accrued ' Liability Funded Covered
Covered
Date . ` of Assets Liability UAL Ratio Payroll
off, .
_ ,. -02/28/09 .; 764,030 ; , 1;353,597. 589567 56% , 1,076.354
55%
- 02/28/10 968;517 1,534,748 566,231 63% 1,1;33,.160
50%
.02/28/11: 1,106,386--, 1;731,397. 625,011 64%, 1,124,029
56%.
- Note: The above assets and actuarial accrued liability do not include, the assets and present value -of benefits
associated with the Benefit Reserve- Fund and the Casualty Reserve Fund: The actuarial _assumptions were,
changed, in conjunction with the February 28, 2011 annual actuarial valuations. *,Fora complete description.
of the -actuarial assumptions.- used. in the annual valuations; please•contact the LAGERS office in Jefferson
City..:
29