2020 Comprehensive Annual Financial Report

Schedule 4

Schedule of Changes in Net OPEB Liability and Related Ratios Other Postemployment Benefit (OPEB) Trust

Required Supplementary Information Fiscal Years Ending June 30, 2016-2020

2020

2019

2018

2017

2016

Total OPEB Liability: Service cost

$

6,602,339 5,105,805

$

6,837,447 5,963,620

$

7,061,048 5,336,797

$

7,578,219 4,569,030

$

Interest

Difference between expected and actual experience

(650,693)

(28,155,144) 7,004,212 (4,774,220) (13,124,085) 150,712,342 5,974,220 1,379,843 (4,774,220) 2,579,843 20,553,581 23,133,424 $ 137,588,257 $ $ 114,454,833

(955,070) (3,908,766) (5,224,634) 2,309,375 148,402,967 7,224,634 1,176,469 (5,224,634) 3,173,659 17,379,922 20,553,581 (2,810) $ 150,712,342 $ $ 130,158,761

Changes of assumptions and other inputs

14,628,043 (5,075,180) 20,610,314 137,588,257

(7,859,644) (4,655,834) (368,229) 148,771,196

Benefit payments (1)

Net Change in Total OPEB Liability Total OPEB Liability - Beginning Total OPEB Liability -Ending (a)

$ 158,198,571

$ 148,402,967

$ 148,771,196

Plan Fiduciary Net Position: Contributions - employer Net investment income Benefit payments (1) Administrative expense

$

7,075,180 1,124,968 (5,075,180) 3,124,968 23,133,424 26,258,392

$

5,155,834 1,700,361 (4,655,834) 2,200,361 15,179,561 17,379,922

$

Net Change in Plan Fiduciary Net Position Plan Fiduciary Net Position - Beginning Plan Fiduciary Net Position - Ending (b) Net OPEB Liability - Ending (a) - (b) Ratio of plan fiduciary net position to total OPEB liability Covered employee payroll Net OPEB liability as a percentage of covered-employee payroll

15,179,561 133,591,635

$ 131,940,179

$ 131,023,045

$

16.60%

16.81%

13.64%

11.71%

10.20% 137,120,463

$

$ 146,594,270

$ 146,594,270

$ 137,120,463

$ 137,120,463

90.00%

78.08%

94.92%

95.55%

97.43%

(1) Benefit payments are net of participant contributions.

Notes to the Required Schedule:

All years for which information is available are presented. For years following the valuation date (when no new valuation is performed), covered employee payroll has been set equal to the covered employee payroll from the most recent valuation. Changes of Assumptions: The Plan's Fiduciary Net Position in 2020 was projected to be depleted in 2033 and, as a result, the Municipal Bond Index Rate was used in determination of the discount rate. The long term expected rate of return of 5.5% on Plan investments was applied to periods through 2033 and the Municipal Bond Index Rate at the measurement date of 6/30/2020 (2.21%) was applied to periods on and after 2033, resulting in a discount rate of 2.75% at the measurement date. The discount rate at the prior measurement date of 6/30/19 was 3.78%.

The Total OPEB liability is based upon an actuarial valuation as of 6/30/2018 and the Total OPEB Liability as of 6/30/20 was determined using standard actuarial roll forward techniques. Single Equivalent Interest Rate, net of OPEB plan investment expense, including price inflation: Prior Measurement Date 3.78% Measurement Date 2.75%

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