|
8.A. - Page 45 of 73
<br />Fiscalyear
<br />ended
<br />June 30
<br />2015
<br />2016
<br />2017
<br />Three -Year Trend of Annual OPEB Cost
<br />(Excluding the Port of Redwood City)
<br />Annual
<br />OPEB cost
<br />Percentage ofAOC
<br />(AOCI
<br />contributed
<br />$5,037,000
<br />100%
<br />5,982,000
<br />100
<br />6,163,000
<br />100
<br />Source: City of Redwood City 2017 Comprehensive Annual Financial Report.
<br />Three-year Trend of
<br />Funded Status of the Plan
<br />(Excluding the Port of Redwood City)*
<br />Attachment D
<br />OPEB
<br />obligations
<br />Asset
<br />$6,962,477
<br />6,962,477
<br />6,962,477
<br />Actuarial
<br />Actuarial
<br />Unfunded/
<br />Valuation
<br />Actuarial
<br />accrued
<br />(overfunded)
<br />Annual
<br />Date
<br />Value
<br />liability for
<br />liability
<br />Funded
<br />covered
<br />June 30
<br />o Assets
<br />benefits
<br />WAAL)
<br />ratio
<br />payroll
<br />2013
<br />$11,001,000
<br />$56,177,000
<br />$45,176,000
<br />19.6%
<br />$48,399,901
<br />2015
<br />18,382,000
<br />70,852,000
<br />52,470,000
<br />25.9
<br />51,466,341
<br />2017
<br />26,570,000
<br />84,172,000
<br />57,602,000
<br />31.6
<br />57,404,000
<br />*Annual payroll of active employees covered by the plan
<br />Source: City of Redwood City 2017 Comprehensive Annual Financial Report.
<br />URAL as a
<br />percentage
<br />ofpavroll
<br />93.3%
<br />102.0
<br />100.3
<br />As of June 30, 2017, the most recent actuarial valuation date, the plan was 31.6% funded. The
<br />actuarial accrued liability for benefits was $84,172,000, and the actuarial value of plan assets was
<br />$26,570,000, resulting in an unfunded actuarial accrued liability (UAAL) of $57,602,000. The covered
<br />payroll (annual payroll of active employees covered by the plan) was $57,404,000 and the ratio of UAAL to
<br />the covered payroll was 100.3%.
<br />For more information with respect to the City's Postemployment Benefits obligations, see Note (9)
<br />to the City's audited financial statements attached hereto as Exhibit I.
<br />[REMAINDER OF PAGE LEFT BLANK]
<br />Historical Revenues and Expenses and Debt Service Coverage
<br />The following table shows a five-year history of revenues, expenses, and net revenues based on
<br />information provided in the City's audited financial statements and by the City. These results have been
<br />derived from the audited financial statements of the City, but exclude certain receipts which are not included
<br />as Gross Revenues under the Redwood City Financing Agreement and certain non-cash items and include
<br />A-17
<br />559
<br />
|