|
Appendix A
<br />Page 3
<br />June 30, 2015 (the measurement date), the average active employee contribution rate is 8.197 percent of
<br />annual pay for the Miscellaneous Plan and 9.557 percent of annual pay for the Safety Plan, and employer
<br />contribution rate is 24.134 percent of annual payroll for the Miscellaneous Plan and 42.457 percent of
<br />annual payroll for the Safety Plan.
<br />
<br />Changes in the Net Pension Liability. The changes in the Net Pension Liability for each Plan follow:
<br />
<br />REDWOOD CITY
<br />Changes in Net Pension Liability
<br />
<br /> Miscellaneous Plan Safety Plan
<br /> Total Pension
<br />Liability
<br />Plan Fiduciary
<br />Net Position
<br />Net Pension
<br />Liability
<br />Total Pension
<br />Liability
<br />Plan Fiduciary
<br />Net Position
<br />Net Pension
<br />Liability
<br />Balance at 6/30/15 267,985,557 197,591,985 70,393,572 309,747,565 215,992,153 93,755,412
<br />Changes in the year:
<br />Service cost 4,787,766 - 4,787,766 7,620,719 - 7,620,719
<br />Interest on total pension liability 19,792,491 - 19,792,491 22,992,406 - 22,992,406
<br />∆ btw actual/expected experience (546,244) - (546,244) 210,529 - 210,529
<br />Changes in Assumptions (4,797,291) - (4,797,291) (5,686,859) - (5,686,859)
<br />Changes in benefit terms - 18,362 (18,362) - - -
<br />Contribution – Employer - 6,882,313 (6,882,313) - 9,993,967 (9,993,967)
<br />Contribution – Employee - 2,372,657 (2,372,657) - 2,420,787 (2,420,787)
<br />Net investment income - 4,413,116 (4,413,116) - 4,953,411 (4,953,411)
<br />Administrative Expenses (223,524) 223,524 (245,450) 245,450
<br />Benefit payments (12,621,036) (12,621,036) - (15,054,516) (15,054,516) -
<br />Net Changes 6,615,686 841,888 5,773,798 10,082,279 2,068,199 8,014,080
<br />Balance at 6/30/16 274,601,243 198,433,873 76,167,370 319,829,844 218,060,352 101,769,492
<br />
<br />Source: Redwood City 2015-16 CAFR.
<br />
<br />
<br />Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions. For the fiscal year
<br />ended June 30, 2016, the City recognized pension expense of $13,257,437. At June 30, 2016, the City
<br />reported deferred outflows of resources and deferred inflows of resources related to pensions from the
<br />following sources:
<br />
<br />REDWOOD CITY
<br />Deferred Outflows/Inflows of Resources
<br />
<br /> Deferred Outflows
<br />of Resources
<br />Deferred Inflows
<br />of Resources
<br />Contributions subsequent to measurement date 17,362,779 -
<br />Changes in assumptions - (7,210,834)
<br />∆ between actual and expected experiences 155,127 (343,931)
<br />Net ∆ between projected/actual earnings on plan investments - (4,408,288)
<br /> Total 17,517,906 (11,963,053)
<br />
<br />Source: Redwood City 2015-16 CAFR.
<br />
<br />For information concerning the City’s pension obligations, including descriptions of the actuarial
<br />methods and assumptions, and an explanation of the discount rate used by please See APPENDIX B—
<br />COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE CITY FOR THE FISCAL YEAR ENDED
<br />JUNE 30, 2016, Note 9.
<br />
<br />8.C. - Page 78
|