2022 Annual Comprehensive Financial Report

Schedule 5 Page 1 of 2

Schedule of Employer Contributions Other Postemployment Benefit (OPEB) Trust

Required Supplementary Information Fiscal Years Ending June 30, 2016-2022

2022

2021

2020

Actuarially determined employer contribution

$

11,356,420

$

11,041,529

$

11,041,529

Actual employer contributions

6,276,738

7,783,154

7,075,180

Annual contribution deficiency (excess)

$

5,079,682

$

3,258,375

$

3,966,349

Covered employee payroll

$

162,890,962

$

158,579,285

$

156,033,725

Actual contributions as a percentage of covered employee payroll

3.85%

4.91%

4.53%

Notes to the Required Schedule:

The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. The following actuarial methods and assumptions were used to determine contribution rates:

Valuation Date

6/30/2020

Actuarial cost method Amortization method

Entry age normal

Level percentage of pay

Remaining amortization period

21 years

Asset valuation method

Market value

Discount rate

4.02%

Actuarial Assumptions: Inflation Real wage growth

2.50% 0.75% 3.25%

Wage inflation

Salary increases, including inflation General employees

3.25%-8.41% 3.25%-8.15% 3.25%-7.90%

Firefighters

Law enforcement officers

Investment rate of return Medical cost trend rate Year of ultimate trend rate

5.50%

7.00% - 4.50%

2030

All years for which information is available are presented.

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