Page 117 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem

Statement of Changes in Fiduciary Net Position
For the Fiscal Year Ended June 30, 2018
Post-
employment
Bene ts
Trust Funds
Additions
Contributions
Employer $ 4,192,751
Plan members 1,945,017
Total contributions 6,137,768
Investment income
Net appreciation in fair value 5,016,928
Interest and dividends 1,291,704
Total investment income 6,308,632
Less investment expense 260,358
Net investment income 6,048,274
Total additions 12,186,042
Deductions
Bene ts 7,897,384
Administrative expense 128,708
Total deductions 8,026,092
Net increase in net position 4,159,950
Net position - beginning 64,086,343
Net position - ending $ 68,246,293

C. Deferred Compensation

The City o ers a deferred compensation plan pursuant to Section 457 of the Internal Revenue Code. All City employees are eligible
to participate and may defer until future years up to 25% of their gross income with a maximum of $18,500 per year. The
compensation deferred is not available to employees until termination, retirement, death, or an unforeseeable emergency.
During 1998, the plan assets were placed in trust for the exclusive bene t of participants and bene ciaries as required by Section
457 of the Internal Revenue Code and therefore are no longer included in the City’s nancial statements.
D. Joint Ventures and Jointly Governed Organizations

Joint Ventures. The City of Winston-Salem, Village of Clemmons, Town of Kernersville, Town of Lewisville, Town of Oak Ridge, Town
of Bermuda Run, and Town of Yadkinville jointly appoint the nine member Triad Municipal Alcoholic Beverage Control Board, which
operates 14 liquor stores in Forsyth County, Davie County, Guilford County, and Yadkin County. North Carolina General Statute 18B-
805 requires the Triad Municipal Alcoholic Beverage Control Board to distribute it’s net income to the seven municipalities who
appoint the Board and Forsyth County. During scal year 2018, the City received $2,349,250 in distributed net income. The
participating governments do not have equity interest in the joint venture. The City does not have nancial responsibility for the
Triad Board and is not held responsible for its debts. Audited nancial statements for the Triad Municipal Alcoholic Beverage
Control Board are available through their administrative o ces at 3127 Starlight Drive, Winston-Salem, North Carolina 27107-4141.
The governing boards of the cities of Winston-Salem, Burlington, Greensboro, and High Point established the Piedmont Authority
for Regional Transportation (PART) under the Regional Public Transportation Authority Act, North Carolina General Statutes Chapter
160A, Article 27. The purpose of the authority is to promote the development of sound transportation systems that provide transportation
choices for citizens in its territorial jurisdiction. The participating governments do not have an equity interest in the joint venture. The City
of Winston-Salem does not have nancial responsibility for the authority and is not responsible for its debts. Audited nancial statements
for PART are available through the PART Administrative O ce, 107 Arrow Road, Greensboro, NC 27409.
Jointly Governed Organizations. The Piedmont Triad Regional Council (PTRC) was formed on July 1, 2011 by consolidating the
Northwest Piedmont Council of Governments, and the Piedmont Triad Council of Governments. The PTRC was designated by the
State of NC to serve as the lead regional organization for the Piedmont Triad region. PTRC serves 73 member governments in a 12
county area. Each participating government appoints one member to the council’s governing board. The City paid membership
fees of $50,169 to the council during the scal year ended June 30, 2018.

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