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8.A. - Page 40 of 51
<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 />Net changes
<br />Balance at June 30, 2019)
<br />(Measurement date 06/30/2018)
<br />Increase (Decrease)
<br />Total Pension Plan Fiduciary Net Pension
<br />Liabili 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 (6,830,404)
<br />-- 2,158,132 (2,158,132)
<br />(3,239,884) (3,239,884) --
<br />-- (50,216) 50,216
<br />5,005,762 5,698,436 (692,6741
<br />$ 89,177,641 $ 32,532,605 $ 56,645,036
<br />Source: City of Redwood City 2019 Comprehensive Annual Financial Report.
<br />The City's contributions to the OPEB Plan in fiscal years 2016-17, 2017-18 and 2018-19 were
<br />$6,163,000, $6,830,404 and $8,553,676, respectively. Based on unaudited actual results, for the fiscal year
<br />ended June 30, 2020, the City's cash contributions were $4,021,200 in payments to the trust plus $3,441,272
<br />cash benefit payments and the estimated implied subsidy was $1,045,000, resulting in total payments of
<br />$8,507,672. In each of such fiscal years, the contributed amounts were equal to or exceeded the ADC.
<br />Annual
<br />Net OPEB
<br />Funded Status of the Plan
<br />Liability as a %
<br />Payroll
<br />(Excluding the Port of Redwood City)*
<br />$71,831,235
<br />79.8%
<br />73,121,435
<br />77.5
<br />Plan
<br />67.7
<br />Fiduciary Net
<br />Fiscal Year
<br />Plan
<br />Net OPEB
<br />Position as %
<br />Ended
<br />OPEB
<br />Fiduciary Net
<br />Liability/
<br />of OPEB
<br />(June 30)
<br />Liability
<br />Position
<br />(Asset)
<br />Liability
<br />2018
<br />$84,171,879
<br />$26,834,170
<br />$57,337,709
<br />31.9%
<br />2019
<br />89,177,641
<br />32,532,605
<br />56,645,036
<br />36.5
<br />2020(**)
<br />88,852,734
<br />39,387,995
<br />49,464,739
<br />44.3
<br />Annual
<br />Net OPEB
<br />Covered
<br />Liability as a %
<br />Payroll
<br />of payroll
<br />$71,831,235
<br />79.8%
<br />73,121,435
<br />77.5
<br />73,074,208
<br />67.7
<br />*Annual payroll of active employees covered by the plan
<br />** Based on unaudited results.
<br />Source: City of Redwood City 2019 Comprehensive Annual Financial Report for Fiscal Years 2017-18 and 2018-19; the City for
<br />Fiscal Year 2019-20.
<br />As of the June 30, 2020 (based on a June 30, 2019 measurement date), the City's OPEB Plan was
<br />44.3% funded. The total OPEB Plan liability was $88,852,734 and the actuarial value of plan assets was
<br />$39,387,995, resulting in a net OPEB Plan liability of $49,464,739. The covered payroll (annual payroll of
<br />active employees covered by the plan) was $73,074,208 and the ratio of Net OPEB liability to the covered
<br />payroll was 67.7%.
<br />For more information with respect to the City's OPEB obligations, see Note (9) to the City's audited
<br />financial statements attached hereto as Exhibit A -I.
<br />ATTY/AGR/2020.264/PRELIMINARY OFFICIAL STATEMENT— WASTEWATER
<br />REV: 11-18-2020 EI
<br />Page 18 of 29
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