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6.G. - Pa Reay Of T$i�
<br />City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2018
<br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED)
<br />A. Pension Plan, Continued
<br />Sensitivity of Net Pension Liability to Changes in the Discount Rate — The following presents the net
<br />pension liability of the City for each Plan, calculated using the discount rate for each Plan, as well as
<br />what the City's net pension liability would be if it were calculated using a discount rate that is 1
<br />percentage point lower or 1 -percentage point higher than the current rate:
<br />1% Decrease
<br />Net Pension Liability
<br />Current Discount Rate
<br />Net Pension Liability
<br />1% Increase
<br />Net Pension Liability
<br />Miscellaneous Safety Total
<br />6.15%
<br />$ 150, 785, 807 $
<br />7.15%
<br />$ 107,108,558
<br />8.15%
<br />$ 71, 047, 706 $
<br />6.15% 6.15%
<br />190, 784, 784 $ 341, 570, 591
<br />7.15% 7.15%
<br />$ 138,470,176 $ 245,578,734
<br />8.15% 8.15%
<br />95,785,320 $ 166,833,026
<br />Pension Plan Fiduciary Net Position — Detailed information about each pension plan's fiduciary net
<br />position is available in the separately issued CalPERS financial reports.
<br />Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions:
<br />For the fiscal year ended June 30, 2018, the City recognized pension expense of $17,289,578 for the
<br />Miscellaneous Plan and $20,924,659 for the Safety Plan. At June 30, 2018, the City reported deferred
<br />outflows of resources and deferred inflows of resources related to pensions from the following sources:
<br />Pension contributions subsequentto
<br />measurement date
<br />Changes of Assumptions
<br />Differences between Expected and Actual
<br />Experiences
<br />Net differences between projected and
<br />actual earnings on plan investments
<br />Total
<br />Miscellaneous Plan Safety Plan
<br />Deferred
<br />Outflows of
<br />Resources
<br />Deferred Inflows Deferred Outflows Deferred
<br />Inflows of
<br />of Resources of Resources
<br />$ 7,527,907 $ $ 10,880,756 $
<br />11,589,264 15,792,556 (1,197,233)
<br />882,225 1,851,642
<br />2,400,188 2,436, 638
<br />$ 22,399,584 $ $ 30,961,592 $ (1,197,233)
<br />$18,408,663 reported as deferred outflows of resources related to contributions subsequent to the
<br />measurement date will be recognized as a reduction of the net pension liability in the fiscal year ended
<br />June 30, 2018. Other amounts reported as deferred outflows of resources and deferred inflows of
<br />resources related to pensions will be recognized as pension expenses as follows:
<br />Fiscal Year Ending June 30: Miscellaneous Plan Safety Plan
<br />2018 $ 6,981,183 $ 4,970,035
<br />2019 8,443,990 9,842,933
<br />2020 1,118, 582 5,942,674
<br />2021 (1,672,088) (1,872,039)
<br />72 278
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