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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