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8.A. - Page 36 of 51
<br />For the year ended June 30, 2019, the City recognized pension expense of $4,164,515 for the
<br />Miscellaneous Plan and $4,999,995 for the Safety Plan. At June 30, 2019, the City reported deferred
<br />outflows of resources and deferred inflows of resources related to pensions from the following sources:
<br />Pension Contributions Subsequent to Measurement Date
<br />Changes of Assumptions
<br />Differences between Expected & Actual Experiences
<br />Net Differences between Projected & Actual Earnings
<br />on Plan Investments
<br />Total
<br />Miscellaneous Plan
<br />Safety
<br />Plan
<br />Deferred
<br />Deferred
<br />Deferred
<br />Deferred
<br />Outflows of
<br />Inflows of
<br />Outflows of
<br />Inflows of
<br />Resources
<br />Resources
<br />Resources
<br />Resources
<br />$ 10,135,737
<br />$ --
<br />$ 12,871,662
<br />$ --
<br />5,150,784
<br />(1,689,835)
<br />10,152,357
<br />(1,106,811)
<br />1,168,947
<br />--
<br />4,179,877
<br />--
<br />156,592
<br />--
<br />154,440
<br />--
<br />$ 16,612,060
<br />$ (1,689,835)
<br />$ 27,358,336
<br />$ (1,106,811)
<br />Source: City of Redwood City 2019 Comprehensive Annual Financial Report.
<br />$23,007,399 reported as deferred outflows of resources related to contributions subsequent to the
<br />measurement date were recognized as a reduction of the net pension liability in the fiscal year ended June
<br />30, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources
<br />related to pensions will be recognized as pension expenses as follows:
<br />Fiscal Year Ending
<br />June 30
<br />2020
<br />2021
<br />2022
<br />2023
<br />Miscellaneous
<br />Plan
<br />Safety Plan
<br />$ 7,518,106
<br />$ 9,962,829
<br />192,700
<br />6,062,570
<br />(2,298,202)
<br />(1,985,978)
<br />(626,116)
<br />(659,558)
<br />Source: City of Redwood City 2019 Comprehensive Annual Financial Report.
<br />Three-year trend information for the City's pension plan for both miscellaneous and safety plans for
<br />fiscal years ending June 30 is set forth below:
<br />Three-year Trend of Annual Pension Cost
<br />Miscellaneous
<br />Fiscal year
<br />Annual
<br />Percentage of
<br />ended
<br />Pension Cost
<br />APC Contribution
<br />June 30
<br />(APC)
<br />Contributed Deficiency/(Excess)
<br />2017
<br />$ 7,428,605
<br />100% $ --
<br />2018
<br />7,527,907
<br />100 --
<br />2019
<br />10,135,737
<br />100 --
<br />Source: City of Redwood City 2019 Comprehensive Annual Financial Report
<br />ATTY/AGR/2020.264/PRELIMINARY OFFICIAL STATEMENT— WASTEWATER
<br />REV: 11-18-2020 EI
<br />Page 14 of 29
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