D. Accounting standards for actuarial valuations of the Fund . 103 105 24

The United Nations Joint Staff Pension Board approved their statement on the actuarial position of the Fund.

The statement of actuarial sufficiency prepared by the Consulting Actuary and approved by the Committee of Actuaries is reproduced in annex IV to the present report.

UNODC has now received information on the actuarial valuation, which shows that the potential liability will substantially exceed available reserves.

The Secretariat informed the Committee that such provisions reflected current industry budgetary standards.

That section shall be entitled reserve fund .

The reserve is proposed in the amount of 45 million, which would represent less than 3 per cent of the total project budget.

In off budget years, the General Assembly shall decide on the level of the reserve fund, which will be included in the proposed programme budget for the next biennium.

It also includes operational reserves from which the High Commissioner may make allocations to other parts of the annual programme budget and to supplementary programmes.

(b) Approved the level of the operating reserve for the biennium 2006 2007 at 3.03 million, representing 15 per cent of the estimated operational budget expenditure for that biennium

(b) Approves the level of the operating reserve for the biennium 2006 2007 at 3.03 million, representing 15 per cent of the estimated operational budget expenditure for that biennium

administration 5 4 4 5 5

Working Capital Reserve

At the end of 2004, 192 million of cash was available for the regular budget and in related reserve accounts.

Upon request, the Committee was informed that rather than linking the level of the reserve to a percentage of total budget or income, UNDCP apos s reserve requirements were calculated on the basis of the financial implications of eventualities which the reserve is expected to cover.

This post is being filled with a staff member at the P 3 level.

III. Working capital reserveIn accordance with paragraph 14 of the financial procedures (see decision 15 CP.1).

C. Working capital reserve

(c) Financial reserve.

The valuation had been prepared on the basis of the actuarial assumptions recommended by the Committee of Actuaries and approved by the Standing Committee in 1997, and in accordance with the Regulations and Administrative Rules of the Fund in effect on the valuation date.

Actuarial value of accrued benefit entitlements

Total reserves and fund balances

I've woken up and I intend to prepare my breakfast.

Have you got your figures ready?

The Board, at its 1996 session, having been provided with cost estimates by the Consulting Actuary and in the light of the Fund apos s continuing actuarial imbalance at that time, was unable to agree to recommend to the General Assembly approval of either of the FAFICS alternatives.

How much energy and money does it take to actually have a plan to negotiate with an advanced species?

Establishment of a reserve fund

III. Working capital reserveIn accordance with paragraph 14 of the financial procedures (see decision 15 CP.1).

VIII. Working Capital ReserveIn accordance with paragraph 14 of the financial procedures.

Transfer to other funds

End of the period

Calculations according to the identified criteria did not indicate a need to propose a change in the reserve.

Based on the results of the most recent actuarial valuation, the Committee of Actuaries and the Fund's Consulting Actuary were of the opinion that the present contribution rate of 23.70 per cent was sufficient to meet the benefit requirements under the Plan.

7. Determines that the working capital reserve maintained within the General Fund shall be set at a level of 8.3 per cent of core budget expenditure, including overhead charges

I'm being picky to prepare you for marriage.

The statement on the actuarial position of the Fund, adopted by the Committee of Actuaries, is reproduced in annex V. In that statement, the Committee of Actuaries indicates that it had

Actuarial position of the Fund as at 31 December 1997

Under the procedures for the reserve fund, in off budget years the General Assembly would decide on the level of the fund, which would be included in the proposed programme budget for the next biennium.

(iv) The Supplementary Programme Fund accounts for moneys available for activities arising after the approval of the annual programme budget, and which cannot be fully met from the operational reserve.

The result of the actuarial valuation as at 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

The result of the actuarial valuation as of 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

In particular, actuarial costings were prepared of various options that had been explored prior to the formulation of the proposed agreement, followed by separate costings of the proposed agreement under two implementation dates (1 January 1996 and 1 January 1997). These actuarial assessments were carried out by the Fund apos s Consulting Actuary at the expense of the Fund.

Unfunded liabilities

Reserve for field accommodation

19) and at its fifty seventh session (A 57 471, para.