True/False

1) According to the GASB, a local government that reports a private-purpose trust fund can benefit from the investment income in the trust.

2) The State of Illinois College Savings Pool Fund is reported as a private-purpose trust fund in the States ACFR for the year ended June 30, 2022

3) When assessing the financial health of a defined benefit pension plan, more weight should be given to the plans net pension liability than to its funded ratio.

4) Net position in an investment trust fund cannot be restricted for the citizens of the local government.

6) The statement of fiduciary net position for police and firefighters pensions discloses all the information needed for users to assess the financial soundness of the pension plans.

7) The pensions of employees who work for the City of DeKalb, who are not public safety employees, are paid with resources from the Illinois Municipal Retirement Fund (IMRF).

8) The disclosure of direct and overlapping property tax rates for a local government is made in the notes to the local governments basic financial statements.

9) A local governments pension liability for its police and firefighters pensions is similar to its liability for general obligation bonds in that future cash flows for both liabilities are contractual and are based upon assumptions that do not change.