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Appendix A
<br />Page 5
<br />The City annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the
<br />net OPEB obligation for the fiscal year ended June 30, 2016 and the three preceding years were as follows:
<br />
<br />REDWOOD CITY
<br />Net OPEB Obligation History
<br />
<br />Fiscal
<br />Year
<br />Annual
<br />OPEB Cost
<br />Annual OPEB
<br />Cost Contributed
<br />OBEB
<br />Obligation
<br />2012-13 5,172,000 98% 6,962,477
<br />2013-14 4,890,000 100 6,962,477
<br />2014-15 5,037,000 100 6,962,477
<br />2015-16 5,982,000 100 6,962,477
<br />
<br />Source: Redwood City 2015-16 CAFR.
<br />
<br />As of June 30, 2015, the most recent actuarial valuation date, the plan was 25.9% funded. The
<br />actuarial accrued liability (AAL) for benefits was $70,852,000, and the actuarial value of plan assets was
<br />$18,382,000, resulting in an unfunded actuarial accrued liability (UAAL) of $52,470,000. The covered
<br />payroll (annual payroll of active employees covered by the plan) was $51,466,341 and the ratio of UAAL
<br />to the covered payroll was 101.9%.
<br />
<br />For information concerning the City’s OPEB 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 />Location
<br />
<br />The County is one of nine counties comprising the economic geographic unit known as the San
<br />Francisco Bay Area. The County is a major employment base, and is also accessible to the San Jose and
<br />Silicon Valley areas approximately 30 miles south via Interstate 280 or U.S. Highway 101. San Francisco
<br />International Airport is located in the County.
<br />
<br />The City is located in the San Francisco Bay Area 25 miles south of San Francisco. It is the oldest
<br />bayside city in the County. The City was incorporated in 1867, and has been the County Seat since 1856.
<br />City limits cover approximately 34 square miles of generally level terrain. The City combines residential,
<br />industrial, and commercial elements in a largely suburban environment. Its waterfront provides a yacht
<br />harbor and the only deep-water port in the South Bay. A wide variety of housing types are available.
<br />Services and trade, the County’s two largest industry divisions, are expected to provide close to two-
<br />thirds of anticipated growth in the next two years.
<br />
<br />Population
<br />
<br />The following table lists population estimates for the City, County and the State for the last five
<br />calendar years, as of January 1.
<br />
<br />REDWOOD CITY, SAN MATEO COUNTY and CALIFORNIA
<br />Population Estimates
<br />
<br /> 2012 2013 2014 2015 2016
<br />City of Redwood City 79,410 81,450 83,030 84,179 85,992
<br />San Mateo County 735,256 745,626 752,145 759,155 766,041
<br />State of California 37,881,357 38,239,207 38,567,459 38,907,642 39,255,883
<br />
<br />Source: State of California, Department of Finance, E-4 Population Estimates for Cities, Counties and the State, 2010-2016.
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<br />8.C. - Page 80
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