2024 Annual Comprehensive Report

Schedule 5 Page 1 of 2

Schedule of Employer Contributions Other Postemployment Benefit (OPEB) Trust

Required Supplementary Information Fiscal Years Ending June 30, 2016-2024

2024

2023

2022

Actuarially determined employer contribution

$

12,071,092

$

11,356,420

$

11,356,420

Actual employer contributions

5,788,531

6,975,988

6,276,738

Annual contribution deficiency (excess)

$

6,282,561

$

4,380,432

$

5,079,682

Covered employee payroll

$

201,357,647

$

176,873,334

$

162,890,962

Actual contributions as a percentage of covered employee payroll

2.87%

3.94%

3.85%

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

6/30/2022

Actuarial cost method Amortization method

Entry age normal

Level percentage of pay

Remaining amortization period

19 years Fair value

Asset valuation method

Discount rate

4.31%

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%

2032

All years for which information is available are presented.

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