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6.C. - Page 108 of 196
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2020
<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, 2019
<br />(Measurement date 06/30/2018)
<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, 2020
<br />(Measurement date 06/30/2019)
<br />Increase (Decrease)
<br />Total OPEB
<br />Plan Fiduciary
<br />Net OPEB
<br />Liability
<br />Net Position
<br />Liability/(Asset)
<br />$ 89,177,641
<br />$ 32,532,605
<br />$ 56,645,036
<br />2,579,477
<br />-
<br />2,579,477
<br />6,059,446
<br />-
<br />6,059,446
<br />(91,335)
<br />-
<br />(91,335)
<br />(6,285,887)
<br />-
<br />(6,285,887)
<br />1,388,517
<br />-
<br />1,388,517
<br />-
<br />8,553,676
<br />(8,553,676)
<br />2,293,756 (2,293,756)
<br />(3,975,125) (3,975,125) -
<br />(16,917) 16,917
<br />(324,907) 6,855,390 (7,180,297)
<br />$ 88,852,734 $ 39,387,995 $ 49,464,739
<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, 2019:
<br />Current
<br />1%Decrease Discount Rate 1% Increase
<br />(5.75%) (6.75%) (7.75%)
<br />Net OPEB Liability $ 61,315,741 $ 49,464,739 $ 39,729,507
<br />76 195
<br />
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