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8.A. - Page 37 of 51
<br />Fiscalyear
<br />ended
<br />June 30
<br />2017
<br />2018
<br />2019
<br />Public Safety
<br />Annual
<br />Pension Cost
<br />(APC)
<br />$10,292,946
<br />10,880,756
<br />12,871,662
<br />Percentage of
<br />APC
<br />Contributed
<br />100%
<br />100
<br />100
<br />Source: City of Redwood City 2019 Comprehensive Annual Financial Report.
<br />Three -Year Trend of Funded Status of the Plan
<br />Miscellaneous
<br />Contribution
<br />Deficiency/(Excess)
<br />Public Safety
<br />Plan Net
<br />Pension
<br />Measurement
<br />Plan Fiduciary
<br />Annual
<br />Liability as a
<br />Period
<br />Plan Fiduciary
<br />Total Pension
<br />Net Position
<br />Funded
<br />Covered
<br />Percentage
<br />June 30
<br />Net Position
<br />Liabili
<br />Liabili
<br />Ratio
<br />Payroll
<br />o Pa roll
<br />2016
<br />$195,859,694
<br />$290,062,332
<br />$ 94,202,638
<br />67.5%
<br />$31,484,407
<br />299.2%
<br />2017
<br />215,735,914
<br />322,844,472
<br />107,108,558
<br />66.8
<br />34,756,799
<br />308.2
<br />2018
<br />231,170,219
<br />336,772,640
<br />105,602,421
<br />68.6
<br />33,401,807
<br />316.2
<br />2019
<br />243,710,833
<br />359,120,519
<br />115,409,686
<br />67.9
<br />35,704,764
<br />323.2
<br />Public Safety
<br />The tables below show PERS' projected normal cost employer contribution rates (before employee
<br />cost sharing) for the current and next five fiscal years. The tables do not include the City's cost for the
<br />unfunded actuarial liability. Projected results reflect PERS' adopted changes to the discount rate. The
<br />projections also assume a 7.00% return, that all actuarial assumptions will be realized, and that no further
<br />changes to assumptions, contributions, benefits, or funding will occur during the projection period. The
<br />projected normal cost percentages in the projections below do not reflect that the normal cost will decline
<br />over time as new employees are hired under the California Public Employees' Pension Reform Act
<br />(PEPRA) or other lower cost benefit tiers.
<br />ATTY/AGR/2020.264/PRELIMINARY OFFICIAL STATEMENT— WASTEWATER
<br />REV: 11-18-2020 EI
<br />Page 15 of 29
<br />703
<br />Plan Net
<br />Pension
<br />Measurement
<br />Plan Fiduciary
<br />Annual
<br />Liability as a
<br />Period
<br />Plan Fiduciary
<br />Total Pension
<br />Net Position
<br />Funded
<br />Covered
<br />Percentage
<br />June 30
<br />Net Position
<br />Liabili
<br />Liabili
<br />Ratio
<br />Payroll
<br />o Pa roll
<br />2016
<br />$216,012,863
<br />$337,012,416
<br />$120,999,553
<br />64.1%
<br />$25,867,584
<br />467.8%
<br />2017
<br />237,257,823
<br />375,727,999
<br />138,470,176
<br />63.2
<br />27,341,479
<br />506.5
<br />2018
<br />252,263,691
<br />395,092,700
<br />142,829,009
<br />63.9
<br />27,442,920
<br />520.5
<br />2019
<br />265,046,592
<br />423,939,849
<br />158,893,257
<br />62.5
<br />27,037,991
<br />587.7
<br />Source: California Public Employee Retirement System ("PERS') GASB 68 Accounting Valuation Reports for Fiscal Years
<br />2015-16 through 2017-18; PERS' July 2020 Actuarial Valuation Report for Fiscal Year 2018-19.
<br />The tables below show PERS' projected normal cost employer contribution rates (before employee
<br />cost sharing) for the current and next five fiscal years. The tables do not include the City's cost for the
<br />unfunded actuarial liability. Projected results reflect PERS' adopted changes to the discount rate. The
<br />projections also assume a 7.00% return, that all actuarial assumptions will be realized, and that no further
<br />changes to assumptions, contributions, benefits, or funding will occur during the projection period. The
<br />projected normal cost percentages in the projections below do not reflect that the normal cost will decline
<br />over time as new employees are hired under the California Public Employees' Pension Reform Act
<br />(PEPRA) or other lower cost benefit tiers.
<br />ATTY/AGR/2020.264/PRELIMINARY OFFICIAL STATEMENT— WASTEWATER
<br />REV: 11-18-2020 EI
<br />Page 15 of 29
<br />703
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