COG Comprehensive Annual Financial Report

Schedule 4

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

Required Supplementary Information Fiscal Years Ending June 30, 2016-2018

2018

2017

2016

Total OPEB Liability: Service cost Interest Changes of assumptions and other inputs Benefit payments (1) Net Change in Total OPEB Liability Total OPEB Liability - Beginning Total OPEB Liability -Ending (a) Plan Fiduciary Net Position:

$

7,061,048 5,336,797 (4,863,836) (5,224,634) 2,309,375 148,402,967 150,712,342 7,224,634 1,176,469 (5,224,634) (2,810) 3,173,659 17,379,922 20,553,581 130,158,761

$

7,578,219 4,569,030 (7,859,644) (4,655,834) (368,229) 148,771,196 148,402,967 5,155,834 1,700,361 (4,655,834) 2,200,361 15,179,561 17,379,922 $131,023,045

$

$

$

$

148,771,196

$

$

$

Contributions - employer 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) Ratio of plan fiduciary net position to total OPEB liability Covered employee payroll Net OPEB liability as a percentage of covered-employee payroll

15,179,561 $133,591,635

$

$

$

13.64% 137,120,463

11.71% 137,120,463

10.20% 137,120,463

$

$

$

94.92%

95.55%

97.43%

(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 equal to the covered employee payroll from the most recent valuation. Changes of Assumptions: The Plan's Fiduciary Net Position in 2018 was projected to be depleted in 2026 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 2026 and the Municipal Bond Index Rate at the measurement date of 6/30/2018 (3.89%) was applied to periods on and after 2026, resulting in a discount rate of 4.02% at the measurement date. The discount rate at the prior measurement date of 6/30/17 was 3.66%.

The Total OPEB liability is based upon an actuarial valuation as of 6/30/2016 and the total OPEB Liability as of 6/30/18 was determined using standard actuarial roll forward techniques.

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