2025 Annual Comprehensive 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, 2016-2025

2025

2024

2023

2022

Total OPEB Liability: Service cost

$

6,051,953 6,409,955

$

6,102,297 6,013,161

$

6,018,506 5,865,427

$

7,157,351 4,679,811

Interest

Difference between expected and actual experience

(24,164,749) (4,828,172) (5,563,037) (22,094,050)

(1,445,671) (2,829,481) (5,288,531) 2,551,775 148,923,261 5,788,531 4,708,053 (5,288,531) 5,208,053 34,243,114 39,451,167 $ 151,475,036 $ $ 112,023,869

(9,903,527) 4,054,148 (5,975,988)

(1,158,728) (14,897,713) (5,776,738) (9,996,017)

Changes of assumptions and other inputs

Benefit payments (1)

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

58,566

151,475,036

148,864,695

158,860,712

$ 129,380,986

$ 148,923,261

$ 148,864,695

Plan Fiduciary Net Position: Contributions - employer

$

5,563,037 5,126,276 (5,563,037)

$

6,975,988 3,012,078 (5,975,988) 4,012,078 30,231,036 34,243,114

$

6,276,738 (4,679,422) (5,776,738) (4,179,422) 34,410,458 30,231,036

Net investment income Benefit payments (1)

Administrative expense Net Change in Plan Fiduciary Net Position 5,126,276

Plan Fiduciary Net Position - Beginning Plan Fiduciary Net Position - Ending (b) Net OPEB Liability - Ending (a) - (b)

39,451,167 44,577,443

$ 118,633,659

$ 84,803,543

$ 114,680,147

Ratio of plan fiduciary net position to total OPEB liability

34.45%

26.04%

22.99%

20.31%

Covered employee payroll

$ 208,898,817

$ 201,357,647

$ 176,873,334

$ 162,890,962

Net OPEB liability as a percentage of covered-employee payroll

40.60%

55.63%

64.84%

72.83%

(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 2025 was projected to be depleted in 2043 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 5.19% on Plan investments was applied to periods through 2043 and the Municipal Bond Index Rate at the measurement date of 6/30/2025 (5.20%) was applied to periods on and after 2043, resulting in a discount rate of 5.20% at the measurement date. The discount rate at the prior measurement date of 6/30/24 was 4.31%.

The Total OPEB liability is based upon an actuarial valuation as of 6/30/2024.

Single Equivalent Interest Rate, net of OPEB plan investment expense, including price inflation: Prior Measurement Date 4.31% Measurement Date 5.20%

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