|
8.A. - Page 44 of 73
<br />Attachment D
<br />Statement is to address reporting by governments that provide other postemployment benefits ("OPEB") to
<br />their employees and for governments that finance OPEB for employees of other governments. For the fiscal
<br />year ending June 30, 2018, the City restated its beginning net position as part of implementation of this
<br />Statement.
<br />The City's OPEB Plan and its contribution requirements are established by Memoranda of
<br />Understanding with the applicable employee bargaining units and may be amended by agreements between
<br />the City and the bargaining units. The annual contribution is based on the actuarially determined contribution.
<br />For the fiscal year ended June 30, 2018, the City's cash contributions were $3,590,520 in payments to the
<br />trust plus 2,608,884 cash benefit payments and the estimated implied subsidy was $631,000 resulting in total
<br />payments of $6,830,404.
<br />The changes in the net OPEB liability for the City's OPEB Plan for the fiscal year ended June 30,
<br />2018 were as follows:
<br />Source: City of Redwood City 2018 Comprehensive Annual Financial Report.
<br />Prior to the implementation of GASB Statement 75, the City's annual other post -employment
<br />benefit cost (expense) had been calculated based on the annual required contribution ("ARC") of the
<br />employer, an amount actuarially determined in accordance with the parameters of Governmental
<br />Accounting Standards Board Statement 45. The ARC represents a level of funding that, if paid on an
<br />ongoing basis, is projected to cover normal costs each year and amortize any unfunded actuarial liabilities
<br />(or funding excess) over a period not to exceed thirty years. The City's annual OPEB cost, the percentage
<br />of annual OPEB cost contributed to the plan, and the net OPEB obligation for the fiscal year ended June
<br />30, 2017 and the two preceding fiscal years were as follows:
<br />A-16
<br />558
<br />Increase (Decrease)
<br />Total Pension
<br />Plan Fiduciary
<br />Net Pension
<br />Liabili
<br />Net Position
<br />Liability/(Asset)
<br />Balance at June 30, 2017
<br />(Measurement date 06/30/2016)
<br />$ 79,437,089
<br />$ 21,529,949
<br />$ 57,907,140
<br />Changes in the year:
<br />Service cost
<br />2,431,405
<br />--
<br />2,431,405
<br />Interest
<br />5,420,908
<br />--
<br />5,420,908
<br />Benefit changes
<br />Actual vs. expected experience
<br />Assumption changes
<br />Contribution - employer
<br />--
<br />6,163,000
<br />(6,163,000)
<br />Contribution - employee
<br />--
<br />--
<br />Net investment income
<br />--
<br />2,270,294
<br />(2,270,291)
<br />Benefit payments
<br />(3,117,523)
<br />(3,117,523)
<br />--
<br />Administrative expenses
<br />--
<br />(11,547)
<br />11,547
<br />Net changes
<br />4,734,790
<br />5,304,224
<br />(569,4311
<br />Balance at June 30, 2018)
<br />(Measurement date 06/30/2017)
<br />$ 84,171,879
<br />$ 26,834,173
<br />$ 57,337,709
<br />Source: City of Redwood City 2018 Comprehensive Annual Financial Report.
<br />Prior to the implementation of GASB Statement 75, the City's annual other post -employment
<br />benefit cost (expense) had been calculated based on the annual required contribution ("ARC") of the
<br />employer, an amount actuarially determined in accordance with the parameters of Governmental
<br />Accounting Standards Board Statement 45. The ARC represents a level of funding that, if paid on an
<br />ongoing basis, is projected to cover normal costs each year and amortize any unfunded actuarial liabilities
<br />(or funding excess) over a period not to exceed thirty years. The City's annual OPEB cost, the percentage
<br />of annual OPEB cost contributed to the plan, and the net OPEB obligation for the fiscal year ended June
<br />30, 2017 and the two preceding fiscal years were as follows:
<br />A-16
<br />558
<br />
|