Sec. 121.604. - Annual Financial Statements.

(a) On or before January 31 of each year, commencing with the first January following the effective date of Ordinance 2015-304-E, the Board of Trustees shall prepare annual financial statements for the fiscal year ending the previous September 30 and submit such annual financial statements electronically or as otherwise agreed to the Mayor, City Council President, City Director of Finance and Administration, City Council Auditor, and the Treasurer of the Board; and, on or before March 15 of each year, to the Florida Department of Management Services (the "Department") in format(s) prescribed by the Department. (b) The annual financial statements shall be in compliance with the requirements of the Government Accounting and Standard Board's Statement No. 67, Financial Reporting for Pension Plans and Statement No. 68, Accounting and Financial Reporting for Pensions, using the mortality tables and generational projections by gender most recently available from qualified actuarial sources. If yet unaccepted updates also are available that suggest longevity improvements beyond accepted tables, then such updates shall be used in lieu of accepted tables so long as such usage remains acceptable within GASB requirements and is permitted by applicable law. (c) The annual financial statements shall report funding status, contribution rates and expected normal cost of new benefits earned using both the current assumed rate of return on investments and an assumed discount rate that is 200 basis points less than the Fund's assumed rate of return. (d) The annual financial statements shall provide information indicating the projected assets, liabilities and actuarially required contributions to the Fund over the following 30 years based on the Fund's latest valuations and actuarial assumptions. (Ord. 2015-304-E , § 4; Ord. 2016-140-E , § 16)