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NOTE 3 – OTHER POST EMPLOYMENT BENEFITS (OPEB) <br />A schedule of funding progress for the past three actuarial valuations is presented below. <br />City of Redwood City <br />Unfunded <br />Actuarial  <br />Unfunded Liability as  <br />Actuarial Actuarial Actuarial Actuarial Percentage of  <br />Valuation Asset Accrued Accrued Funded Covered Covered <br />Date * Value Liability Liability Ratio Payroll ** Payroll <br />2011 4,429,000$      53,083,000$   48,654,000$   0.0% 44,961,408$   108.2%                 <br />2013 11,001,000$   56,177,000$   45,176,000$   19.6% 48,399,901$   93.3%                   <br />2015 18,382,000$   70,852,000$   52,470,000$   25.9% 51,466,341$   102.0%                 <br />*  Based on the most recent actuarial valuation available <br />** Annual payroll of active employees covered by the plan <br />Port of Redwood City <br />Unfunded <br />Actuarial  <br />Unfunded Liability as  <br />Actuarial Actuarial Actuarial Actuarial Percentage of  <br />Valuation Asset Accrued Accrued Funded Covered Covered <br />Date * Value Liability Liability Ratio Payroll ** Payroll <br />7/1/2011 ‐$                      334,371$         334,371$         0.0% 631,539$         52.9%                   <br />7/1/2013 ‐$                      349,824$         349,824$         0.0% 636,746$         54.9%                   <br />7/1/2015 ‐$                      565,987$         565,987$         0.0% 645,077$         87.7%                   <br />*  Based on the most recent actuarial valuation available <br />** Annual payroll of active employees covered by the plan <br />93 <br />6.1.E. - Page 116