2021 Annual Comprehensive Financial Report

Schedule 4 Page 1 of 2

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

Required Supplementary Information Fiscal Years Ending June 30, 2016-2021

2021

2020

2019

Total OPEB Liability: Service cost

$

8,366,046 4,271,482

$

6,602,339 5,105,805

$

6,837,447 5,963,620

Interest

Difference between expected and actual experience

(1,089,271) (5,102,962) (5,783,154)

(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 $

Changes of assumptions and other inputs

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

Benefit payments (1)

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

662,141

158,198,571

158,860,712 $

158,198,571 $

Plan Fiduciary Net Position: Contributions - employer

$

7,783,154 6,152,066 (5,783,154) 8,152,066 26,258,392 34,410,458

$

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

Net investment income Benefit payments (1)

Administrative expense Net Change in Plan Fiduciary Net Position Plan Fiduciary Net Position - Beginning Plan Fiduciary Net Position - Ending (b) Net OPEB Liability - Ending (a) - (b)

124,450,254 $

131,940,179 $

Ratio of plan fiduciary net position to total OPEB liability

21.66%

16.60%

16.81%

157,112,005 $

146,594,270 $

146,594,270 $

Covered employee payroll

Net OPEB liability as a percentage of covered-employee payroll

79.21%

90.00%

78.08%

(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 to equal covered employee payroll from the most recent valuation. Changes of Assumptions: The Plan's Fiduciary Net Position in 2021 was projected to be depleted in 2038 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 2038 and the Municipal Bond Index Rate at the measurement date of 6/30/2021 (2.16%) was applied to periods on and after 2038, resulting in a discount rate of 3.00% at the measurement date. The discount rate at the prior measurement date of 6/30/20 was 2.75%.

The Total OPEB liability is based upon an actuarial valuation as of 6/30/2020 and the total OPEB Liability as of 6/30/21 was determined using standard actuarial roll forward techniques. Single Equivalent Interest Rate, net of OPEB plan investment expense, including price inflation: Prior Measurement Date 2.75% Measurement Date 3.00%

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