AgdaPkt 2019-12-16 Joint SA PFA - Laserfiche WebLink

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6.A. - Page 108 of 191 CITY OF REDWOOD CITY NOTES TO THE BASIC FINANCIAL STATEMENTS For the Fiscal Year Ended June 30, 2019 NOTE 9 — EMPLOYEE BENEFITS (CONTINUED) B. Post Employment Benefits, Continued Discount Rate The discount rate used to measure the total OPEB liability was 3.62 percent. The projection of cash flows used to determine the discount rate assumed that District contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability. Changes in the OPEB Liability The changes in the net OPEB liability for the OPEB Plan are as follows: Balance at June 30, 2018 (Measurement date 06/30/2017) Changes in the year: Service cost Interest Benefit changes Actual vs. expected experience Assumption changes Contribution - employer Contribution - employee Net investment income Benefit payments Administrative expenses Net changes Balance at June 30, 2019 (Measurement date 06/30/2018) Increase (Decrease) Total OPEB Plan Fiduciary Net OPEB Liability Net Position Liability/(Asset) $ 656,195 $ - $ 656,195 12,746 - 12,746 23,193 - 23,193 (5,925) - (5,925) - 9,426 (9,426) (9,426) (9,426) 20,588 20,588 $ 676,783 $ - $ 676,783 Sensitivity of the Net OPEB Liability to Changes in the Discount Rate The following presents the net OPEB liability of the Port if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2018: Current 1% Decrease Discount Rate 1% Increase (2.62%) (3.62%) (4.56%) Net OPEB Liability $ 787,003 $ 676,783 $ 588,823 80 115