| TOWN OF CARY, NORTH CAROLINA |
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| LAW ENFORCEMENT
SEPARATION ALLOWANCE |
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| REQUIRED
SUPPLEMENTAL INFORMATION |
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| Last Ten Fiscal
Years |
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| Page 1 of 2 |
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Actuarial |
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Accrued |
Unfunded |
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UAAL As a |
| Actuarial |
Actuarial |
Liability (AAL) |
AAL |
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Percentage |
| Valuation |
Value of |
Projected |
(UAAL) |
Funded |
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Covered |
Of Covered |
| Date |
Assets |
Unit Credit |
Obligation |
Ratio |
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Payroll |
Payroll |
| 12/31/1997 |
$452,253 |
501,266 |
49,013 |
90.22 |
% |
$3,073,436 |
1.59 |
% |
| 12/31/1998 |
476,629 |
672,282 |
195,653 |
70.90 |
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3,526,525 |
5.54 |
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| 12/31/1999 |
835,978 |
730,522 |
(105,456) |
114.44 |
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4,104,752 |
(2.57) |
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| 12/31/2000 |
888,967 |
1,192,989 |
304,022 |
74.52 |
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4,744,712 |
6.41 |
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| 12/31/2001 |
925,296 |
1,409,020 |
483,724 |
65.67 |
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5,512,118 |
8.78 |
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| 12/31/2002 |
963,910 |
1,584,215 |
620,305 |
60.84 |
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5,821,893 |
10.65 |
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| 12/31/2003 |
1,007,327 |
1,929,459 |
922,132 |
52.21 |
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6,481,256 |
14.23 |
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| 12/31/2004 |
1,143,468 |
2,193,200 |
1,049,732 |
52.14 |
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7,226,058 |
14.53 |
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| 12/31/2005 |
1,178,909 |
2,174,344 |
995,435 |
54.22 |
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7,573,856 |
13.14 |
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| 12/31/2006 |
1,318,729 |
2,349,197 |
1,030,468 |
56.14 |
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7,976,329 |
12.92 |
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| TOWN OF CARY, NORTH CAROLINA |
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| LAW ENFORCEMENT SEPARATION
ALLOWANCE |
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| REQUIRED SUPPLEMENTAL INFORMATION |
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| Last Ten Fiscal Years |
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| Page 2 of 2 |
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Annual |
Actual |
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Year Ended |
Required |
Amount |
Percentage |
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June 30 |
Contribution |
Contributed |
Contributed |
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1998 |
$34,754 |
80,000 |
230.19 |
% |
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1999 |
50,656 |
80,000 |
157.93 |
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2000 |
28,854 |
80,000 |
277.26 |
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2001 |
28,854 |
80,000 |
277.26 |
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2002 |
96,190 |
80,000 |
83.17 |
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2003 |
122,418 |
96,190 |
78.57 |
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2004 |
137,600 |
122,418 |
88.97 |
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2005 |
163,088 |
137,600 |
84.37 |
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2006 |
189,928 |
163,088 |
85.87 |
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2007 |
170,919 |
199,375 |
116.65 |
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| Notes to the
Required Schedules: |
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| The information presented in the required
supplementary schedules was determined as part of the |
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| actuarial valuations at the dates
indicated. Additional information as
of the latest actuarial valuation |
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Valuation |
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12/31/2006 |
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Actuarial cost method |
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Projected unit credit |
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Amortization method |
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Level percent of pay closed |
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Remaining amortization period |
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24 years |
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Asset valuation method |
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Market value |
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Actuarial assumptions: |
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Investment rate of return* |
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7.25% |
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Projected salary increases* |
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4.5 - 12.3% |
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Cost
of living adjustments |
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None |
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*Includes inflation at 3.75% |
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