2021 Annual Comprehensive Financial Report

At June 30, 2021, the components of the net OPEB liability of the City, measured as of June 30, 2021, were as follows:

Increase (Decrease)

Total OPEB

Plan Fiduciary Net Position

Net OPEB Liability

Liability

(a)

(b)

(a) - (b)

Balances at June 30, 2020 Changes for the Year: Service Cost

$

158,198,571

$

26,258,392

131,940,179 $

8,366,046 4,271,482

8,366,046 4,271,482

Interest

Differences between expected and actual experience

(1,089,271) (5,102,962)

(1,089,271) (5,102,962) (7,783,154) (6,152,066)

Changes of assumptions

Contributions

7,783,154 6,152,066 (5,783,154)

Net Investment income

Benefit payments

(5,783,154)

Administrative expense Net changes Balance as of June 30, 2021

662,141

8,152,066 34,410,458

(7,489,925)

$

158,860,712

$

124,450,254 $

Changes of assumptions. Changes of assumptions and other inputs reflect a change in the discount rate from 2.75% in 2020 to 3.00% in 2021. Medical claims cost and rates were changed based on most recent experience and changed to the current schedule. The impact of the Affordable Care Act was addressed in the valuation report and continues to be monitored. For the year ended June 30, 2021, the City recognized OPEB expense of $7,474,904. At June 30, 2021, the City reported deferred outflows and inflows of resources related to OPEB from the following sources:

Deferred

Deferred Inflows of Resources

Outflows of Resources

Differences between expected and actual experience

$

17,627,316 $

Changes of assumptions

14,304,453

5,962,243

Net difference between projected and actual earnings on plan investments

3,721,903

Total

$

14,304,453

27,311,462 $

Amounts reported as deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Year ended June 30: 2022

$

(3,683,148) (3,649,869) (3,571,516) (2,515,348) (368,819) (13,007,009) 781,691

2023 2024 2025 2026

Thereafter

$

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