Financial Statements Audit Report

Washington State Auditor’s Office

Financial Statements Audit Report

City of Bonney Lake Pierce County

Audit Period

January 1, 2011 through December 31, 2011

Report No. 1009238

Issue Date March 11, 2013

March 11, 2013 Mayor and City Council City of Bonney Lake Bonney Lake, Washington

Report on Financial Statements Please find attached our report on the City of Bonney Lake’s financial statements. We are issuing this report in order to provide information on the City’s financial condition. Sincerely,

TROY KELLEY STATE AUDITOR

Washington State Auditor Troy Kelley

Insurance Building, P.O. Box 40021 Olympia, Washington 98504-0021 (360) 902-0370 TDD Relay (800) 833-6388

Table of Contents

City of Bonney Lake

Pierce County January 1, 2011 through December 31, 2011

Status of Prior Audit Findings ..................................................................................................... 1

Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters in Accordance with Government Auditing Standards ................. 2

Independent Auditor’s Report on Financial Statements .............................................................. 4

Financial Section ........................................................................................................................ 7

Status of Prior Audit Findings

City of Bonney Lake


The status of findings contained in the prior years’ audit reports of the City of Bonney Lake is provided below:

1. The City’s internal controls are inadequate to ensure timely and accurate accounting and financial reporting.

Report No. 1008054, dated July 23, 2012 Background The City reports its financial statements in accordance with Government Accepted Accounting Principles. These statements require special expertise and more time to prepare than other types of financial statements. City Management did not dedicate the necessary resources, such as staff time and training to ensure accurate and timely financial reporting. Status The condition reported during the 2010 audit has been resolved. City Management has chosen to present cash basis statements. There were no material errors or significant deficiencies in internal controls.

_________________________________________________________________________________________________________ Washington State Auditor's Office

1

Independent Auditor’s Report on Internal

Control over Financial Reporting and on

Compliance and Other Matters in Accordance

with Government Auditing Standards

City of Bonney Lake


Mayor and City Council City of Bonney Lake Bonney Lake, Washington We have audited the financial statements of the City of Bonney Lake, Pierce County, Washington, as of and for the year ended December 31, 2011, and have issued our report thereon dated February 11, 2013. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.

INTERNAL CONTROL OVER FINANCIAL REPORTING In planning and performing our audit, we considered the City’s internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control over financial reporting. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the City's financial statements will not be prevented, or detected and corrected on a timely basis. Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above.


2

COMPLIANCE AND OTHER MATTERS As part of obtaining reasonable assurance about whether the City’s financial statements are free of material misstatement, we performed tests of the City’s compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. This report is intended for the information and use of management and the Mayor and City Council. However, this report is a matter of public record and its distribution is not limited. It also serves to disseminate information to the public as a reporting tool to help citizens assess government operations.

TROY KELLEY STATE AUDITOR February 11, 2013


3

Independent Auditor’s Report on Financial

Statements

City of Bonney Lake Pierce County

January 1, 2011 through December 31, 2011 Mayor and City Council City of Bonney Lake Bonney Lake, Washington

REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying financial statements of the City of Bonney Lake, Pierce County, Washington, for the year ended December 31, 2011 as listed on page 5. Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the basis of accounting that demonstrates compliance with Washington State statutes and the Budgeting, Accounting and Reporting System (BARS) manual prescribed by the State Auditor described in Note 1. This includes determining that the basis of accounting is acceptable for the presentation of the financial statements in the circumstances. Management is also responsible for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility

Our responsibility is to express an opinion 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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the City’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.


4

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position and results of operations of the City of Bonney Lake, for the year ended December 31, 2011, on the basis of accounting described in Note 1. Basis of Accounting

We draw attention to Note 1 of the financial statements, which describes the basis of accounting. As described in Note 1 to the financial statements, the financial statements are prepared in accordance with the basis of accounting that demonstrates compliance with Washington State statutes and the Budgeting, Accounting and Reporting System (BARS) manual prescribed by the State Auditor, which is a basis of accounting other than accounting principles generally accepted in the United State of America. Our opinion is not modified with respect to this matter. Other Matters

Our audit was performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying Schedule of Long-Term Liabilities is presented for purposes of additional analysis as required by the prescribed BARS manual. This schedule is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements taken as a whole. Purpose of this Report

The report is intended for the information and use of the management and the Mayor and City Council of the City. However, this report is a matter of public record and its distribution is not limited. It also serves to disseminate information to the public as a reporting tool to help citizens assess government operations.

OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING STANDARDS In accordance with Government Auditing Standards, we have also issued our report on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an


5

integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

TROY KELLEY STATE AUDITOR February 11, 2013


6

Financial Section

City of Bonney Lake


FINANCIAL STATEMENTS

Fund Resources and Uses Arising from Cash Transactions – 2011 Notes to Financial Statements – 2011

SUPPLEMENTARY INFORMATION

Schedule of Long-Term Liabilities – 2011


7

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9

City of Bonney Lake December 31, 2011

CITY OF BONNEY LAKE Notes to the Financial Statements

December 31, 2011 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Bonney Lake reports financial activity using the revenue and expenditure classifications, statements, and schedules contained in the Cash Basis Budgeting, Accounting, and Reporting System (BARS) Manual. This basis of accounting and reporting is another comprehensive basis of accounting (OCBOA) that is prescribed by the State Auditor’s Office under the authority of Washington State law, Chapter 43.09 RCW. A. Reporting Entity

The City of Bonney Lake, organized as a non-chartered code city, was incorporated in 1949 utilizing the Mayor/Council form of government. The City’s legislative authority, the City Council, consists of a Mayor and seven Council members who are elected to overlapping four-year terms of office. The Council is responsible for assuring citizen representation through policy direction and adoption of local codes and legislation.

B. Fund Accounting

The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity. Each fund is accounted for with a separate set of single-entry accounts that comprises its cash, investments, revenues and expenditures, as appropriate. The city’s resources are allocated to and accounted for in individual funds depending on their intended purpose. The following are fund types used by the City: The City reports the following major governmental funds:

The General Fund is the City’s operating fund. It accounts for all financial resources of the

general government, except those required to be accounted for in another fund. The Street Construction Fund is used for capital purposes such as roads, streets, sidewalks and

street lights. The General Government Construction Fund is used for capital purposes. The City has three proprietary funds and considers them all to be major. The Water Fund accounts for the activities of water distribution for the City. The City operates its

own water distribution system. The Sewer Fund accounts for the sewer collection activities for the City. The City operates its

own sewage pumping stations and collection systems, and has a capacity agreement with the City of Sumner, who operates the wastewater treatment plant.

The Stormwater Fund accounts for the activities of stormwater treatment and disposal. Additionally, the City reports the following fund types: Internal Service Funds account for fleet management services and insurance provided to other departments of the government on a cost-reimbursement basis.


10


C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation

Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. Beginning with the FY2011 statements, the City has elected to report on a cash basis. Prior reporting was on an accrual (GAAP) basis. Revenues are recognized only when cash is received and expenditures are recognized when paid, including those properly chargeable against the report year’s budget appropriations when required by state law. In accordance with state law the City also recognized expenditures paid during twenty days after the close of the fiscal year for claims incurred during the prior period. Purchases of capital assets are expensed during the year of acquisition. There is no capitalization of capital assets, nor allocation of depreciation expense. Inventory is expensed when purchased. The basis of accounting described above represents a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

D. Budgetary Information

The City of Bonney Lake’s budget procedures are mandated by Chapter 35A.34 of the Revised Code of Washington. Biennial budgets are adopted for all governmental funds on a basis consistent with generally accepted accounting principles. Budgets are adopted at the level of the fund, and the budgets constitute the legal authority for expenditures at that level. For administrative purposes, the biennial budget allocates budgets separately for each year of the biennium; however, legally, the combined allocations for the biennium constitute the officially adopted budget. Appropriations lapse at biennial end. The appropriated and actual expenditures for the legally adopted budgets were as follows:


11


2011/2012 Biennial 2011

FundFinal Appropriated

Amounts Actual Expenditures Variance

General 28,453,257$ 15,570,892$ 12,882,365$

Drug Investigation 330,698 23,260 307,438

Contingency - - -

1997 GO Refunded Bond 357,850 358,152 (302)

Streets Capital Improveemnt 6,922,540 2,165,623 4,756,917

Parks Capital Improvement 2,674,744 236,054 2,438,690

General Government Capital 4,630,675 1,828,128 2,802,547

Civic Center CIP - 123,294 (123,294)

Water 23,045,186 9,862,247 13,182,939

Wastewater (Sewer) 22,357,426 7,255,488 15,101,938

Stormwater 2,917,802 1,203,651 1,714,151

Equipment Rental and Replacement 2,141,751 968,940 1,172,811

Insurance 843,374 434,939 408,435

Total: All Funds 94,675,303$ 40,030,668$ 54,644,635$

BUDGET TO ACTUAL - ALL FUNDS (2011)

E. Assets, Liabilities and Equities

1. Cash and Cash Equivalents

The City considers all highly liquid investments including restricted assets with a maturity of three months or less when purchased to be a cash equivalent. It is the City’s policy to invest all temporary cash surpluses. At December 31, 2011, the treasurer was holding $43,074,758 in cash and cash equivalents. 2. Deposits

The City of Bonney Lake deposits are covered by the Federal Deposit Insurance Corporation and/or the Washington Public Deposit Protection Commission.

3. Inventories

Inventories in governmental funds consist of expendable supplies held for consumption. The cost is recorded as an expenditure at the time individual inventory items are purchased.

4. Capital Assets

Capital assets are long-lived assets of the City of Bonney Lake and are recorded as expenditures when purchased.


12


5. Compensated Absences

Compensated absences, such as vacation and sick leave are absences for which employees will be paid. Vacation pay may be accumulated up to a maximum of 240 hours or 30 days, and is payable upon separation or retirement.

Sick leave may accumulate up to a maximum of 960 hours. After 5 years employment, 25% of accumulated sick leave up to a maximum of 720 hours is payable upon resignation or layoff. Upon retirement, or death, 100% of accumulated sick leave up to a maximum of 720 hours is payable. 6. Long-Term Obligations See Long Term Debt Note 6. 7. Other Financing Sources/Uses The City of Bonney Lake’s Other Financing Sources/Uses consists of Transfers In and Transfers Out. 8. Risk Management The City of Bonney Lake is a member of the Washington Cities Insurance Authority (WCIA). Utilizing Chapter 48.62 RCW (self-insurance regulation) and Chapter 39.34 RCW (Interlocal Cooperation Act), nine cities originally formed WCIA on January 1, 1981. WCIA was created for the purpose of providing a pooling mechanism for jointly purchasing insurance, jointly self-insuring, and/or jointly contracting for risk management services. WCIA has a total of 126 Members. New members initially contract for a three-year term and thereafter automatically renew on an annual basis. A one-year withdrawal notice is required before membership can be terminated. Termination does not relieve a former member from its unresolved loss history incurred during membership. Liability coverage is written on an occurrence basis, without deductibles. Coverage includes general, automobile, police, public officials’ errors or omissions, stop gap, and employee benefits liability. Limits are $3 million per occurrence self insured layer, and $12 million per occurrence in the re-insured excess layer. The excess layer is insured by the purchase of reinsurance and insurance and is subject to aggregate limits. Total limits are $15 million per occurrence subject to aggregate sub limits in the excess layers. The Board of Directors determines the limits and terms of coverage annually. Insurance coverage for property, automobile physical damage, fidelity, inland marine, and boiler and machinery are purchased on a group basis. Various deductibles apply by type of coverage. Property insurance and auto physical damage are self-funded from the members’ deductible to $500,000, for all perils other than flood and earthquake, and insured above that amount by the purchase of reinsurance. In-house services include risk management consultation, loss control field services, claims and litigation administration, and loss analyses. WCIA contracts for the claims investigation consultants for personnel issues and land use problems, insurance brokerage, and lobbyist services. WCIA is fully funded by its members, who make annual assessments on a prospectively rated basis, as determined by an outside, independent actuary. The assessment covers loss, loss adjustment, and administrative expenses. As outlined in the interlocal, WCIA retains the right to additionally assess the membership for any funding shortfall.


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An investment committee, using investment brokers, produces additional revenue by investment of WCIA's assets in financial instruments which comply with all State guidelines. These revenues directly offset portions of the membership's annual assessment. A Board of Directors governs WCIA, which is comprised of one designated representative from each member. The Board elects an Executive Committee and appoints a Treasurer to provide general policy direction for the organization. The WCIA Executive Director reports to the Executive Committee and is responsible for conducting the day to day operations of WCIA. In the prior three years, settlements did not exceed the City’s insurance coverage. 9. Reserved Fund Balance

Reserved fund balances are used primarily for customer deposits.

NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

There have been no material violations of finance-related legal or contractual provisions. The City of Bonney Lake budgets on a biennial basis. The City is in the first year of the 2011/2012 Biennial Budget. There have been no expenditures exceeding legal appropriations in any of the funds of the City.

NOTE 3 – INVESTMENTS

The City of Bonney Lake’s investments are either insured, registered, or held by the City of Bonney Lake or its Agent in the City’s name. The City of Bonney Lake’s investments are presented at cost. Investments by type at December 31, 2011 are as follows:

Investment TypeCity's Own Investments

Investments held by Agent in City's name Cost

Local Government Investment Pool 35,148,232 - 35,148,232

Total Investments 35,148,232$

NOTE 4 – PROPERTY TAXES

The County Assessor-Treasurer acts as an agent to collect property taxes levied in the county for all taxing authorities. Collections are on approximately the 10th of each month for the prior month collections.

Property Tax Calendar

January 1 Taxes are levied and become an enforceable lien against properties.February 14 Tax bills are mailed. April 30 First of two equal installment payments is due. October 31 Second installment is due.


14


Property tax revenues are recognized when cash is received by the City of Bonney Lake. Delinquent taxes are considered fully collectible because a lien affixes to the property after the tax is levied.

The city may levy up to $3.6 per $1,000 of assessed valuation for general governmental services, subject to two limitations:

1. Washington State (RCW 84.55.010) limits the growth of regular property taxes to one percent per

year unless approved by a majority of the voters at an election as provided in RCW 84.55.050. Under this statute, local governments are free to place measures on the ballot seeking approval of property tax increases for: Specific dollar amounts, specific periods of time, which can exceed one year, and/or general or limited purposes;

2. The Washington State Constitution limits the total regular property taxes to one percent of

assessed valuation or $10 per $1,000 of value. If the taxes of all districts exceed this amount, each is proportionately reduced until the total is at or below the 1 percent limit.

The City levy does not include voter approved special levy for payment of debt on the Public Safety Building. Because the city belongs to the local fire district and library district, according to law the local fire district’s levy and the library district’s levy must be subtracted from the City’s levy. Since these districts are currently levying their maximum amounts, the local levy can be no higher than $1.60 per $1,000: ($3.60 less $1.50 for the fire district less $.50 for the library district = $1.60.)

Special property tax levies approved by the voters are not subject to the limitations listed above.

The City’s regular tax levy for the tax year 2011 was $1.265 on an assessed valuation of $1.99 billion for a total regular levy of $2,516,516. Additionally, a special levy for debt service on the Public Safety Building was $0.182 per $1,000 for a total additional levy of $359,750. The total City property tax levies for tax year 2011 was $1.447 per $1,000 of assessed value yielding $2,876,266.

NOTE 5 – INTERFUND LOANS AND ADVANCES Within the City, one fund may borrow from another when specifically authorized by City Council resolution. The activity and balances of interfund loans at December 31, 2011 are as follows:

Balance at Balance at

Beginning of Repayments/ End ofLending Fund Borrowing Fund Year New Loans Adjustments YearSewer Fund Parks Capital Fund 1,000,727$ -$ (200,145)$ 800,582$

The principal purpose of this interfund loan was the purchase of the Allen Yorke Park property. Of the $800,582 due, $200,145 is due within one year. NOTE 6 – LONG-TERM DEBT The accompanying Schedule of Liabilities (09) provides more detail of the outstanding debt and liability of the City of Bonney Lake and summarizes the City’s debt transactions for 2011. The debt service payment for the fiscal year being reported and future payment requirements, including interest, are as follows:


15


Annual Requirements to Retire Debt Obligations The annual aggregate maturities for each debt type for the years subsequent to December 31, 2011 are as follows:

Total TotalYear Principal Interest Requirements Principal Interest Requirements

2012 275,000 386,413 661,413 - - - 2013 285,000 376,100 661,100 - - - 2014 295,000 364,700 659,700 - - - 2015 305,000 352,900 657,900 - - - 2016 320,000 340,700 660,700 - - -

2017-2021 1,815,000 1,485,000 3,300,000 - - - 2022-2026 2,255,000 1,043,000 3,298,000 - - - 2027-2031 2,780,000 515,355 3,295,355

2032 630,000 27,720 657,720 - - - 8,960,000$ 4,891,888$ 13,851,888$ -$ -$ -$

General Obligation BondsGovernmental Activities Business-Type Activities


2012 - - - 415,000 143,020 558,020 2013 - - - 430,000 126,420 556,420 2014 - - - 445,000 109,220 554,220 2015 465,000 91,420 556,420 2016 475,000 72,820 547,820

2017-2019 - - - 1,335,000 105,053 1,440,053 -$ -$ -$ 3,565,000$ 647,953$ 4,212,953$

Business-Type ActivitiesRevenue Bonds

Governmental Activities


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2012 - - - 1,657,405 143,909 1,801,315 2013 - - - 1,657,405 130,768 1,788,173 2014 - - - 1,657,405 117,626 1,775,032 2015 - - - 1,657,405 104,485 1,761,890 2016 - - - 1,657,405 91,343 1,748,749

2017-2021 - - - 6,404,314 285,179 6,689,493 2022-2026 - - - 4,428,236 85,646 4,513,882 2027-2028 - - - 880,573 6,604 887,177

-$ -$ -$ 20,000,149$ 965,562$ 20,965,711$

Public Works Trust Fund LoansGovernmental Activities Business-Type Activities


2012 174,268 56,430 230,698 462,128 108,674 570,802 2013 182,270 48,428 230,698 462,128 81,505 543,633 2014 190,639 40,059 230,698 462,128 54,337 516,465 2015 199,392 31,306 230,698 462,128 27,169 489,296 2016 208,547 22,151 230,698 - - -

2017-2020 330,911 15,136 346,047 - - - 1,286,027$ 213,510$ 1,499,537$ 1,848,511$ 271,685$ 2,120,196$

Other DebtGovernmental Activities Business-Type Activities

NOTE 7 – POST EMPLOYMENT BENEFITS Substantially all City of Bonney Lake full-time and qualifying part-time employees participate in one of the following statewide retirement systems administered by the Washington State Department of Retirement Systems, under cost-sharing multiple-employer public employee defined benefit and defined contribution retirement plans. Actuarial information is on a system-wide basis and is not considered pertinent to the City of Bonney Lake’s financial statement. Contributions to the system by both employee and employer are based upon gross wages covered by plan benefit. Historical trend or other information regarding each plan is presented in the Washington State Department of Retirement Systems annual financial report. A copy of this report may be obtained by writing to:

Department of Retirement Systems Communications Unit

PO Box 48380 Olympia, WA 98504-8380


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NOTE 8 – OTHER DISCLOSURES

A. Contingencies and Commitments

In September 2008, the City received a claim for damages arising from a marine vessel accident occurring in 2006. This matter is still outstanding at 12/31/2011, with no action occurring in 2011. Although the outcome of this claim is not presently determinable, in the opinion of the City’s management, the resolution of this matter will not have a material adverse effect on the financial condition of the government. The City participates in a number of federal and state assisted programs. These grants are subject to audit by the grantors or their representatives. Such audits could result in requests for reimbursement to grantor agencies for expenditures disallowed under the terms of the grants. City management believes that such disallowances, if any, will be immaterial. During fiscal year 2011 the City booked a Prior Period Adjustment applicable to fiscal year 2010. The adjustment was detected during our 2010 audit engagement for over-reporting cash balances in financial statements for all funds in the amount of $725,182. B. Subsequent Events There are no subsequent events at the time of financial statement preparation. C. Other Post Employment Benefits As required by the Revised Code of Washington (RCW) Chapter41.26 the City has a commitment to provides lifetime medical care for members of the Law Enforcement Officers and Firefighters (LEOFF) retirement system hired before October 1, 1977, under a defined benefit plan administered by the City. This plan is commonly referred to as LEOFF 1 and includes coverage for medical, vision, nursing care, etc. The City provides LEOFF 1 post employment benefits for one retired law enforcement employee. The city’s funding policy is based upon pay-as-you-go financing requirement and retirees in this category are not required to contribute any portion of the cost coverage. For the City’s one member, the city purchased health insurance from the Untied Benefit Trust. The retired law enforcement employee received a benefit contribution of $634 per month or $7,608 per year for the retiree only coverage .


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19

Documents

Financial Statements Audit Report