A Report on the Fire Fighters' Pension Commissioner's Texas Statewide Emergency Services Personnel Retirement Fund for Fiscal Year 2003
February 2004
Report Number 04-021
Overall Conclusion
In our audit report dated January 7, 2004, we issued an unqualified opinion regarding whether the basic financial statements of the Fire Fighters' Pension Commissioner (Commissioner) for the fiscal year ended August 31, 2003, were materially correct in accordance with accounting principles generally accepted in the United States of America.
Although we noted no problems with the Commissioner's basic financial statements, as of fiscal year 2002, the Commissioner's Texas Statewide Emergency Services Personnel Retirement Fund (Fund) was actuarially unsound. Current member benefits are not in jeopardy; however, based on the valuation the Commissioner's actuary made as of August 31, 2002 , the Fund's financial health is declining, requiring $946,388 in additional annual contributions beginning in fiscal year 2003. In addition, the Fund's administrative costs in relation to its benefit payments remain excessively high.
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