2023d ABC Board Minutes - Laserfiche WebLink

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ORANGE COUNTY ALCOHOLIC BEVERAGE CONTROL BOARD (a component unit of Orange County Government) NOTES TO FINANCIAL STATEMENTS June 30,2023 and 2022 2. STEWARDSHIP,COMPLIANCE,AND ACCOUNTABILITY Compliance with NC General Statutes The ABC Board noted no instances of noncompliance with NC General Statutes for the year ended June 30, 2023. The ABC Board noted expenditures exceeding revenues by $663,148 in the Schedule of Revenues and Expenditures—Budget and Actual as a result of the use of outside financing in the construction of a new store, as well as the use of previously retained funds to pay off debt acquired in previous years. 3. DETAIL NOTES ON ALL FUNDS Pension Plan Obligations LGERS Plan Description. The ABC Board is a participating employer in the statewide LGERS, a cost-sharing multiple-employer defined benefit pension plan administered by the State of North Carolina. LGERS membership is comprised of general employees and local law enforcement officers ("LEOs") of participating local governmental entities. Article 3 of NC G.S. Chapter 128 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. Management of the plan is vested in the LGERS Board of Trustees, which consists of thirteen (13) members — nine (9) appointed by the Governor, one appointed by the State Senate, one appointed by the State House of Representatives, and the State Treasurer and State Superintendent, who serve as ex-officio members. The LGERS is included in the Comprehensive Annual Financial Report ("CAFR") for the State of North Carolina. The State's CAFR includes financial statements and required supplementary information for LGERS, and that report may be obtained by writing to the Off-ice of the State Controller 1410 Mail Service Center, Raleigh, NC 27699-1410, by calling (919) 981- 5454,or at www.osc.ne.eov. Benefits Provided. LGERS provides retirement and survivor benefits. Retirement benefits are determined as 1.85% of the member's average final compensation times the member's years of creditable service. A member's average final compensation is calculated as the average of a member's four (4)highest consecutive years of compensation. Plan members are eligible to retire with full retirement benefits at age sixty-five (65) with five (5) years of creditable service, at age sixty(60)with twenty-five (25)years of creditable service, or at any age with thirty (30) years of creditable service. Plan members are eligible to retire with partial retirement benefits at age fifty(50)with twenty (20)years of creditable service or at age sixty(60)with five (5) years of creditable service. Survivor benefits are available to eligible beneficiaries of members who die while in active service or within one hundred and eighty(180) days of their last day of service and who have either completed twenty(20)years of creditable service regardless of age, or have completed five (5) years of service and have reached age sixty (60). Eligible beneficiaries may elect to receive a monthly Survivor's Alternate Benefit for life or a return of the member's contributions. The plan does not provide for automatic post-retirement benefit increases.Increases are contingent upon actuarial gains of the plan. ii -21- il