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6.A. - Page 104 of 191
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2019
<br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED)
<br />B. Post Employment Benefits, Continued
<br />Changes in the OPEB Liability
<br />The changes in the net OPEB liability for the OPEB Plan are as follows:
<br />Balance at June 30, 2018
<br />(Measurement date 06/30/2017)
<br />Changes in the year:
<br />Service cost
<br />Interest
<br />Benefit changes
<br />Actual vs. expected experience
<br />Assumption changes
<br />Contribution - employer
<br />Contribution - employee
<br />Net investment income
<br />Benefit payments
<br />Administrative expenses
<br />Netchanges
<br />Increase (Decrease)
<br />Total OPEB Plan Fiduciary Net OPEB
<br />Liability Net Position Liability/(Asset)
<br />$ 84,171,879 $ 26,834,169 $ 57,337,710
<br />2,504,347 - 2,504,347
<br />5,741,299 - 5,741,299
<br />- 6,830,404
<br />(6,830,404)
<br />- 2,158,132
<br />(2,158,132)
<br />(3,239,884) (3,239,884)
<br />-
<br />- (50,216)
<br />50,216
<br />5,005,762 5,698,436
<br />(692,674)
<br />Balance at June 30, 2019
<br />(Measurement date 06/30/2018) $ 89,177,641 $ 32,532,605 $ 56,645,036
<br />Sensitivity of the Net OPEB Liability to Changes in the Discount Rate
<br />The following presents the net OPEB liability of the City if it were calculated using a discount rate that is one
<br />percentage point lower or one percentage point higher than the current rate, for measurement period ended
<br />June 30, 2018:
<br />Current
<br />1% Decrease Discount Rate 1% Increase
<br />(5.75%) (6.75%) (7.75%)
<br />Net OPEB Liability $ 68,782,560 $ 56,645,036 $ 46,731,434
<br />76 111
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