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* The Balance Sheet is divided into Operations and Retirement Plans as the Retirement Plans account for 85% of the District’s assets and 97% of its liabilities, eclipsing the view of MOFD’s operational performance.

* The detailed Balance Sheet for 2018 is presented plus the history back to 2010.

* Differences between the Audited Balance Sheet and the attached include:

            - Total asset and liability for the retirement plans included; not just net liabilities
            - Pension liability calculated using MOFD’s 6.25% discount rate; not CCCERA’s 7.00% rate.
            - GASB 68 deferred inflows and outflows reassigned between asset and liability adjustments.
            - Payments to CCCERA from 1/1/2018 through 6/30/2018 not an asset (offsetting liabilities).

* Over past nine years audited financial balance sheet showed average net liabilities of $10 million while actual value was close to $60 million.

* In 2018 audited financials shows total liabilities of $75 million while actual value is $254 million. (Including footnoted pension plan liabilities, audited financials show $244 million total liabilities.)

* In 2018 audited financials, pension plan liabilities are calculated using the 7.00% discount rate adopted by CCCERA, not the 6.25% rate agreed to by MOFD. This results in a $20 million understatement of liabilities.

* Including all retirement plan assets ($167 million) and all retirement plan liabilities ($245 million - pension and retiree medical), MOFD’s retirement plans are 68% funded., the same as they were in 2010.

(see PDF report for full history to 2010)