The System did not accurately report the components of, and totals for, the Deferred Outflows of Resources and the Deferred Inflows of Resources amounts in its Schedule for fiscal year 2018.
Although the System has a process to prepare, review, and approve the Schedule amounts, the System’s procedures indicated to use an incorrect table from the actuary report to prepare the Schedule.
Specifically, the System recorded the changes for each component for the fiscal year instead of the total balance of the components for Deferred Outflows of Resources and Deferred Inflows of Resources,
as required by GASB No. 75. As a result, the fiscal year 2018 Schedule was understated by a total of $7.54 billion.
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