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6.1.D. - Page 98 <br />Notes to the Basic Financial Statements <br />For the fiscal year ended June 30, 2016 <br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED) <br />The following table shows the components of the Port's annual OPEB costs for the year, the amount <br />actually contributed to the plan, and changes in the Port's net OPEB obligation: <br />Annual OPEB Cost and Net OPEB Obligation <br />Normal Cost <br />$ 9,884 <br />Amortization of unfunded actuarial accrued liability <br />28,569 <br />Annual required contribution <br />38,453 <br />Interest on beginning net OPEB obligation <br />10,112 <br />Annual required contribution adjustment <br />(10,941) <br />Annual OPEB expense <br />37,624 <br />Actual currentyear employer payment <br />(9,106) <br />Decrease in OPEB obligation <br />28,518 <br />Net OPEB obligation at June 30, 2015 <br />202,238 <br />Net OPEB obligation at June 30, 2016 <br />$ 230,756 <br />OPEB Unfunded Actuarial Accrued Liabilities <br />Actuarial accrued liabilities $ 528,089 <br />Actuarial val ue of plan assets - <br />Unfunded actuarial accrued liabilities (UAAL) $ 528,089 <br />Funded Ratio 0% <br />Covered Payroll $ 645,077 <br />UAALas a %of Covered Payroll 81.86% <br />The Port's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan for 2016 and <br />the two preceding fiscal years were as follows: <br />Actuarial valuations of an ongoing plan involve estimates of the value of expected benefit payments and <br />assumptions about the probability of occurrence of events far into the future. Examples include <br />assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined <br />regarding the funded status of the plan and the annual required contributions of the new employer are <br />subject to continual revision as actual results are compared with past expectations and new estimates are <br />made about the future. The schedule of funding progress, presented as required supplementary <br />information following the notes to the financial statements, presents multi-year trend information about <br />whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial <br />accrued liabilities. <br />71 <br />Annual OPEB Cost <br />Year Ended <br />Annual OPEB Cost <br />OPEB ObliPation (Asset) <br />Contributed <br />6/30/2014 <br />32,421 <br />0 <br />172,132 <br />6/30/2015 <br />35,737 <br />15.8 <br />202,238 <br />6/30/2016 <br />38,453 <br />28.5 <br />230,756 <br />Actuarial valuations of an ongoing plan involve estimates of the value of expected benefit payments and <br />assumptions about the probability of occurrence of events far into the future. Examples include <br />assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined <br />regarding the funded status of the plan and the annual required contributions of the new employer are <br />subject to continual revision as actual results are compared with past expectations and new estimates are <br />made about the future. The schedule of funding progress, presented as required supplementary <br />information following the notes to the financial statements, presents multi-year trend information about <br />whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial <br />accrued liabilities. <br />71 <br />