Fiduciary Funds (and similar Component Units)

Transcription

1 Section Two (continued) Fiduciary Funds (and similar Component Units) FISCAL YEAR ENDING AUGUST 31, 2010 THE STATE OF TEXAS 213

2 214 THE STATE OF TEXAS FISCAL YEAR ENDING AUGUST 31, 2010

3 Pension and Other Employee Benefit Trust Funds The Teacher Retirement System Trust Account is for the accumulation of resources for pension benefit payments for qualified employees of public education in Texas. The S.E.R.S. Trust Account is for the accumulation of resources for pension benefit payments to qualified state employees or beneficiaries. The Law Enforcement and Custodial Officer Supplement Retirement Fund provides supplemental retirement and death benefits for members of the Employees Retirement System of Texas who completed 20 or more years of service or became occupationally disabled or died while serving as commissioned law enforcement officers of a state agency. The Judicial Retirement System Plan Two Trust Fund accounts for receipt of monies for retirement and death benefits for certain state-paid judges and judicial officers. The Fire Fighters Relief and Retirement Fund accounts for the accumulation of resources for pension, death and disability benefits for fire fighters who serve without monetary reward. The Judicial Retirement System Plan One Fund accounts for appropriations received from the state s general revenue fund for annuity and refund payments to eligible judicial employees. The Retired School Employees Group Insurance Trust receives contributions and other funds authorized to be deposited in the fund to pay insurance premiums, to reimburse for claims paid by a non-state entity and to pay administrative expenses. The Teacher Retirement System of Texas, as trustee, administers the fund for public school retirees and their dependents. The public school entities are not considered part of the reporting entity for the state of Texas. The State Retiree Health Plan Trust accounts for the receipt of monies for postemployment health care, life and dental insurance benefits provided under the Group Benefits Program. The Employees Retirement System of Texas, as trustee, administers the fund for retired employees of the state and other non-state entities as specified by the Legislature. The Deferred Compensation Trust Fund receives employee deferrals in accordance with Internal Revenue Code 457, appropriations by the state for the administration of the deferred compensation plan, trust income and fees. The state of Texas is the only employer participating in the plan. The State Employee Cafeteria Plan Trust Fund receives salary reduction payments and makes disbursements for benefits included in a cafeteria plan, other than Employees Uniform Group Insurance Program coverages. The fund also receives appropriations by the state for the administration of the cafeteria plan. The Texa$aver Administrative Trust Fund receives deferrals, purchases qualified investments and pays expenses associated with administration of the deferred compensation plan. FISCAL YEAR ENDING AUGUST 31, 2010 THE STATE OF TEXAS 215

4 STATE OF TEXAS Combining Statement of Fiduciary Net Position Pension and Other Employee Benefit Trust Funds August 31, 2010 (Amounts in Thousands) Teacher Law Enforcement Judicial Fire Fighters Retirement S.E.R.S. and Custodial Retirement Relief and System Trust Trust Officer Supplement System - Plan Retirement Account Account Retirement Fund Two Trust Fund Fund ASSETS Cash and Cash Equivalents $ 6,919,429 $ 24,064 $ 967 $ 609 $ 803 Securities Lending Collateral 23,601, ,111 13,639 5,014 Investments: U.S. Government 17,802,754 4,833, ,870 55,400 Corporate Equity 22,060,008 6,235, ,671 71,463 25,621 Corporate Obligations 1,524,999 1,339,404 45,683 15,351 Repurchase Agreements 213,530 Foreign Securities 20,920,199 5,042, ,982 57,790 13,257 Externally Managed Investments 21,070, ,171 10,102 3,394 Other 5,363,315 1,673,722 57,093 19,145 14,351 Receivables: Interest and Dividends 223,484 73,790 2, Accounts 133,055 64,139 2,587 1, Investment Trades 147,801 32,712 1, Other 422 Due From Other Funds 28,941 5,202 4 Properties, at Cost, Net of Accumulated Depreciation or Amortization 30,998 10,703 Other Assets Total Assets 120,041,305 20,033, , ,724 55,074 LIABILITIES Payables: Accounts $ 18,360 $ 18,757 $ 281 $ 106 $ 101 Investment Trades 119,435 27, Payroll 3,934 4 Annuities 578, Due To Other Funds 22, Unearned Revenue 21,223 1,695 Employees Compensable Leave 5,362 2,300 Obligations/Securities Lending 23,581, ,202 13,642 5,015 Other Liabilities 2, Total Liabilities 24,352, ,115 14,843 5, NET POSITION Held in Trust for Pension Benefits and Other Purposes $ 95,688,405 $ 19,580,610 $ 668,353 $ 225,265 $ 54, THE STATE OF TEXAS FISCAL YEAR ENDING AUGUST 31, 2010

5 State Judicial Retired School State Employee Retirement Employees Retiree Deferred Cafeteria Texa$aver System - Plan Group Insurance Health Plan Compensation Plan Administrative One Fund Trust Trust Trust Fund Trust Fund Trust Fund Totals $ $ 873,607 $ 10,791 $ 2,029 $ 5,386 $ 2,550 $ 7,840,235 24,022,229 22,856,908 28,605,161 2,925, ,530 26,205,653 21,380, ,127, ,563 57,572 8, , , , , , ,922 41, , ,422 2,032 12,476 2, ,129,769 $ 292 $ 128,664 $ 121,399 $ 1,083 $ 10,253 $ 2 $ 299, , , ,215 2, , , ,839 24,002,548 2, , ,422 1,104 10, ,091,895 $ 0 $ 814,964 $ 0 $ 928 $ 2,220 $ 2,540 $ 117,037,874 FISCAL YEAR ENDING AUGUST 31, 2010 THE STATE OF TEXAS 217

6 STATE OF TEXAS Combining Statement of Changes in Fiduciary Net Position Pension and Other Employee Benefit Trust Funds For the Fiscal Year Ended August 31, 2010 (Amounts in Thousands) Teacher Law Enforcement Judicial Fire Fighters Retirement S.E.R.S. and Custodial Retirement Relief and System Trust Trust Officer Supplement System - Plan Retirement Account Account Retirement Fund Two Trust Fund Fund ADDITIONS Contributions: Member Contributions $ 2,289,537 $ 410,134 $ 7,473 $ 4,121 $ 3,291 State Contributions 1,576, ,252 27,799 11,511 Premium Contributions Federal Contributions Other Contributions 719,051 Total Contributions 4,584, ,386 35,272 15,632 3,291 Investment Income: From Investing Activities: Net Appreciation in Fair Value of Investments 7,542, ,993 23,180 7,505 1,081 Interest and Investment Income 1,872, ,161 18,202 6,548 1,124 Total Investing Income 9,415,050 1,245,154 41,382 14,053 2,205 Less Investing Activities Expense 111,919 47,007 1, Net Income from Investing Activities 9,303,131 1,198,147 39,865 13,519 1,859 From Securities Lending Activities: Securities Lending Income 164,683 5, Less Securities Lending Expense: Borrower Rebates* 40,036 (731) (25) (9) Management Fees 16, Net Income from Securities Lending 108,316 5, Total Net Investment Income 9,411,447 1,203,797 40,054 13,586 1,859 Other Additions: Settlement of Claims Other Revenue Transfer In 14,017 61,774 Total Other Additions 14,967 61, Total Additions 14,011,085 2,076,127 75,332 29,218 5,194 DEDUCTIONS Benefits 6,618,698 1,497,754 41,001 9,289 3,125 Refunds of Contributions 265,187 65, Transfer Out 61,774 11,211 Administrative Expenses 27,957 17, Depreciation and Amortization Expense 1, Interest Expense Loss on Sale of Properties 33 Other Expenses 551 1, Total Deductions 6,975,652 1,593,292 41,758 9,683 3,230 INCREASE (DECREASE) IN NET POSITION 7,035, ,835 33,574 19,535 1,964 NET POSITION Net Position, September 1, ,652,972 19,097, , ,730 52,625 Net Position, August 31, 2010 $ 95,688,405 $ 19,580,610 $ 668,353 $ 225,265 $ 54,589 * The pension funds of the Employees Retirement System of Texas received rebates from borrowers in excess of payments made to borrowers due to increased demand in the securities lending market. 218 THE STATE OF TEXAS FISCAL YEAR ENDING AUGUST 31, 2010

7 State Judicial Retired School State Employee Retirement Employees Retiree Deferred Cafeteria Texa$aver System - Plan Group Insurance Health Plan Compensation Plan Administrative One Fund Trust Trust Trust Fund Trust Fund Trust Fund Totals $ $ $ $ $ 89,258 $ $ 2,803, , ,349 2,747, , , ,611 70,795 40, ,783 1, , ,019, , , ,204,911 8,275,497 11, ,454, , ,730, , , ,568, ,831 39,271 17, , , ,683, ,439 3,349 27, ,090 27, , ,495 27,299 1,031, , ,420 1,480 17,994,516 27,303 1,013, ,389 87,912 9,942, ,801 72,985 3,026 2, ,974 2, , ,566 27,303 1,016, , , ,405,171 (4) 14,816 0 (67) ,589, , ,929 1, ,448,529 $ 0 $ 814,964 $ 0 $ 928 $ 2,220 $ 2,540 $ 117,037,874 FISCAL YEAR ENDING AUGUST 31, 2010 THE STATE OF TEXAS 219

8 220 THE STATE OF TEXAS FISCAL YEAR ENDING AUGUST 31, 2010

9 Private-Purpose Trust Funds The Tobacco Settlement Permanent Trust (Political Subdivisions) holds the portion of the tobacco settlement money designated for the exclusive benefit of other political subdivisions. Other political subdivisions include cities, counties and/or local hospital districts that are responsible for indigent health care. The fund is administered by the Comptroller s office - Treasury Fiscal. The Texas Insurance Companies Assets Account Reserve and Custodial Fund holds assets in trust for claims associated with insurance company liquidations. Most balances are normally held outside the Treasury. The Department of Insurance administers the fund. The Inmate Trust and Employee Service Option Fund accounts for offender commissary and medical accounts along with the Texas Department of Criminal Justice employee commissary, laundry and/or barber contributions. The Texas College Savings Plans (previously reported as the Texas Tomorrow Trust Fund) receive money contributed by account holders, money acquired from private sources and income from investment of deposits. The plans may be used only to pay costs of program administration and operations, make payments to state, private or independent institutions of higher education and make refunds to account holders. The Catastrophe Reserve Trust Fund is a state fund that was created to provide relief to insurance companies within the state in the event of certain catastrophic losses. Certain property insurers authorized to transact property insurance in Texas make payments to the fund. Other Private-Purpose Trust Funds account for other assets held in a trustee capacity where principal and income benefit individuals, private organizations or other governments. FISCAL YEAR ENDING AUGUST 31, 2010 THE STATE OF TEXAS 221

10 STATE OF TEXAS Combining Statement of Fiduciary Net Position Private-Purpose Trust Funds August 31, 2010 (Amounts in Thousands) Texas Tobacco Insurance Settlement Companies Texas Other Permanent Trust Assets Account - Catastrophe Inmate Trust and College Private- (Political Reserve and Reserve Employee Service Savings Purpose Subdivisions) Custodial Fund Trust Fund Option Fund Plans Trust Funds Totals ASSETS Cash and Cash Equivalents $ $ 202,590 $ 74,050 $ 5,739 $ 1,500 $ 39,948 $ 323,827 Restricted Cash and Cash Equivalents Investments: U.S. Government 18,509 2,235 20,744 Corporate Equity 31,478 16,327 47,805 Corporate Obligations 25,183 3,413 28,596 Foreign Securities 192, ,797 Externally Managed Investments 277, ,900 Other 1,380, ,369 8,310 1,636,917 Receivables: Interest and Dividends 2, ,759 Accounts Investment Trades ,629 Other 38 4,212 4,250 Properties, at Cost, Net of Accumulated Depreciation or Amortization Other Assets 80,950 80,950 Total Assets 1,911, ,542 74,050 24, ,591 76,296 2,620,007 LIABILITIES Payables: Accounts $ 976 $ $ $ 1,750 $ 90 $ 14,043 $ 16,859 Investment Trades 3, ,828 Interest Due To Other Funds Unearned Revenue Funds Held for Others 80,950 80,950 Other Liabilities Total Liabilities 4,198 80, ,750 1,016 14, ,011 NET POSITION Held in Trust for Individuals, Organizations and Other Governments 1,907, ,592 74,050 22, ,575 62,199 2,517,996 Total Net Position $ 1,907,082 $ 202,592 $ 74,050 $ 22,498 $ 249,575 $ 62,199 $ 2,517, THE STATE OF TEXAS FISCAL YEAR ENDING AUGUST 31, 2010

11 STATE OF TEXAS Combining Statement of Changes in Fiduciary Net Position Private-Purpose Trust Funds For the Fiscal Year Ended August 31, 2010 (Amounts in Thousands) Texas Insurance Tobacco Companies Settlement Assets Account - Texas Other Permanent Trust Reserve and Catastrophe Inmate Trust and College Private- (Political Custodial Reserve Employee Service Savings Purpose Subdivisions) Fund Trust Fund Option Fund Plans Trust Funds Totals ADDITIONS Contributions: Federal Contributions $ $ $ $ $ $ 3,426 $ 3,426 Other Contributions 115, ,569 Total Contributions ,569 3, ,995 Investment Income: From Investing Activities: Net Appreciation in Fair Value of Investments 83,030 9,466 1,558 94,054 Interest and Investment Income 50, ,875 54,373 Total Investing Income 133, ,038 4, ,427 Less Investing Activities Expense 1,252 1,252 Net Income from Investing Activities 133, ,786 4, ,175 Total Net Investment Income 133, ,786 4, ,175 Other Additions: Settlement of Claims 4,850 4,850 Other Revenue 64,273 74, , , ,214 Total Other Additions 0 64,273 74, , , ,064 Total Additions 133,651 64,562 74, , ,555 18, ,234 DEDUCTIONS Benefits 84, ,071 Transfer Out Intergovernmental Payments 46,152 5,266 51,418 Administrative Expenses 5, ,664 Depreciation and Amortization Expense Settlement of Claims 63,712 5,516 69,228 Interest Expense 7 7 Other Expenses 11, ,146 1, ,863 Total Deductions 51,887 75, ,146 84,626 13, ,350 INCREASE (DECREASE) IN NET POSITION 81,764 (10,474) 74, ,929 4, ,884 NET POSITION Net Position, September 1, ,825, , , ,646 57,740 2,328,112 Net Position, August 31, 2010 $ 1,907,082 $ 202,592 $ 74,050 $ 22,498 $ 249,575 $ 62,199 $ 2,517,996 FISCAL YEAR ENDING AUGUST 31, 2010 THE STATE OF TEXAS 223

12 224 THE STATE OF TEXAS FISCAL YEAR ENDING AUGUST 31, 2010

13 Agency Funds The Texas Public Finance Authority Bond Escrow Account is used to hold funds for various defeased or refunded bonds. The Life, Health, Accident and Casualty Insurance Companies Trust Account holds cash or securities deposited with the state by insurance companies as required by law. The Texas Workers Compensation Self-Insurance Fund is used to deposit certified self-insurer security deposits. These deposits may be applied to the selfinsurer s incurred liabilities for compensation. The City, County, Metropolitan Transit Authority (MTA) and Special Purpose District (SPD) Sales Tax Trust Account is used to record the receipt of local sales and use tax collected by the Comptroller for each city, county, metropolitan transit authority and special purpose district authorizing the collection. Other Agency Funds account for other resources held by the state in an agent capacity for individuals, private organizations or other governments. FISCAL YEAR ENDING AUGUST 31, 2010 THE STATE OF TEXAS 225

14 226 THE STATE OF TEXAS FISCAL YEAR ENDING AUGUST 31, 2010

15 STATE OF TEXAS Combining Statement of Fiduciary Net Position Agency Funds August 31, 2010 (Amounts in Thousands) Life, Health, Texas Public Accident and Texas City, County, Finance Casualty Workers MTA and Authority Insurance Compensation SPD Sales Other Bond Escrow Companies Trust Self Insurance Tax Trust Agency Account Account Fund Account Funds Totals ASSETS Cash and Cash Equivalents $ 18 $ 328 $ 11,140 $ 746,033 $ 509,840 $ 1,267,359 Investments: U.S. Government 201, ,227 Corporate Equity 205, ,438 Corporate Obligations Repurchase Agreements 35,034 35,034 Other 40,772 40,772 Receivables: Interest and Dividends Accounts 7,222 7,222 Other Intergovernmental 2,230 2,230 Other 6 6 Due From Other Funds Other Assets 1,214, ,966 70,393 1,819,984 Total Assets $ 201,661 $ 1,214,953 $ 546,106 $ 746,033 $ 871,424 $ 3,580,177 LIABILITIES Payables: Accounts $ $ $ $ $ 814 $ 814 Other Intergovernmental 746, ,033 Due To Other Funds 28,544 28,544 Interfund Payable Funds Held for Others 201,661 1,214, , ,030 2,804,750 Other Liabilities Total Liabilities $ 201,661 $ 1,214,953 $ 546,106 $ 746,033 $ 871,424 $ 3,580,177 FISCAL YEAR ENDING AUGUST 31, 2010 THE STATE OF TEXAS 227

16 STATE OF TEXAS Combining Statement of Changes in Assets and Liabilities Agency Funds For the Fiscal Year Ended August 31, 2010 (Amounts in Thousands) Texas Public Finance Authority Bond Escrow Account Beginning Ending Balance Balance September 1, 2009 Additions Deductions August 31, 2010 ASSETS Cash and Cash Equivalents $ 4 $ 14 $ $ 18 Investments 77, , ,071 Interest and Dividends Receivable Total Assets $ 78,585 $ 123,231 $ 155 $ 201,661 LIABILITIES Funds Held for Others $ 78,585 $ 123,076 $ $ 201,661 Total Liabilities $ 78,585 $ 123,076 $ 0 $ 201,661 Life, Health, Accident and Casualty Insurance Companies Trust Account ASSETS Cash and Cash Equivalents $ 298 $ 378 $ 348 $ 328 Other Assets 1,133, , ,006 1,214,625 Total Assets $ 1,133,958 $ 391,349 $ 310,354 $ 1,214,953 LIABILITIES Accounts Payable $ $ 50 $ 50 $ Funds Held for Others 1,133, , ,354 1,214,953 Total Liabilities $ 1,133,958 $ 391,399 $ 310,404 $ 1,214,953 Texas Workers Compensation Self Insurance Fund ASSETS Cash and Cash Equivalents $ 9,550 $ 11,798 $ 10,208 $ 11,140 Other Assets 506,863 28, ,966 Total Assets $ 516,413 $ 39,901 $ 10,208 $ 546,106 LIABILITIES Accounts Payable $ $ 534 $ 534 $ Funds Held for Others 516,413 30, ,106 Total Liabilities $ 516,413 $ 30,885 $ 1,192 $ 546,106 City, County, MTA and SPD Sales Tax Trust Account ASSETS Cash and Cash Equivalents $ 743,121 $ 6,838,890 $ 6,835,978 $ 746,033 Total Assets $ 743,121 $ 6,838,890 $ 6,835,978 $ 746,033 LIABILITIES Payables: Accounts $ $ 5,811,873 $ 5,811,873 $ Other Intergovernmental 743, , , ,033 Funds Held for Others 7,582,012 7,582,012 Total Liabilities $ 743,121 $ 14,139,918 $ 14,137,006 $ 746,033 Concluded on the following page 228 THE STATE OF TEXAS FISCAL YEAR ENDING AUGUST 31, 2010

17 STATE OF TEXAS Combining Statement of Changes in Assets and Liabilities Agency Funds (concluded) For the Fiscal Year Ended August 31, 2010 (Amounts in Thousands) Other Agency Funds Beginning Ending Balance Balance September 1, 2009 Additions Deductions August 31, 2010 ASSETS Cash and Cash Equivalents $ 449,342 $ 8,699,670 $ 8,639,172 $ 509,840 Investments 214, , , ,540 Receivables: Interest and Dividends Accounts 7, , ,336 7,222 Other Intergovernmental 934 1,296 2,230 Other 6 6 Due From Other Funds Interfund Receivable 1,703 1,703 Other Assets 75,968 5,022 10,597 70,393 Total Assets $ 748,007 $ 9,130,714 $ 9,007,297 $ 871,424 LIABILITIES Payables: Accounts $ 22 $ 899,246 $ 898,454 $ 814 Other Intergovernmental 4,216 4,216 Due To Other Funds 1,660 28,545 1,661 28,544 Interfund Payable 1,891 1, Funds Held for Others 742,108 8,521,256 8,421, ,030 Other Liabilities Total Liabilities $ 748,007 $ 9,450,947 $ 9,327,530 $ 871,424 Totals All Agency Funds ASSETS Cash and Cash Equivalents $ 1,202,315 $ 15,550,750 $ 15,485,706 $ 1,267,359 Investments 292, , , ,611 Receivables: Interest and Dividends Accounts 7, , ,336 7,222 Other Intergovernmental 934 1,296 2,230 Other 6 6 Due From Other Funds Interfund Receivable 1,703 1,703 Other Assets 1,716, , ,603 1,819,984 Total Assets $ 3,220,084 $ 16,524,085 $ 16,163,992 $ 3,580,177 LIABILITIES Payables: Accounts $ 22 $ 6,711,703 $ 6,710,911 $ 814 Other Intergovernmental 747, , , ,033 Due To Other Funds 1,660 28,545 1,661 28,544 Interfund Payable 1,891 1, Funds Held for Others 2,471,064 16,648,044 16,314,358 2,804,750 Other Liabilities Total Liabilities $ 3,220,084 $ 24,136,225 $ 23,776,132 $ 3,580,177 FISCAL YEAR ENDING AUGUST 31, 2010 THE STATE OF TEXAS 229

18 230 THE STATE OF TEXAS FISCAL YEAR ENDING AUGUST 31, 2010