Laserfiche WebLink
6.C. - Page 112 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 Plan Fiduciary Net OPEB <br />Liability Net Position Liability/(Asset) <br />$ 676,783 $ - $ 676,783 <br />12,928 <br />24,324 <br />(127,605) <br />37,647 <br />(9,711) <br />(62,417) <br />$ 614,366 $ <br />Sensitivity of the Net OPEB Liability to Changes in the Discount Rate <br />12,928 <br />24,324 <br />(127,605) <br />37,647 <br />(9,711) <br />- (62,417) <br />$ 614,366 <br />The following presents the net OPEB liability of the Port 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 />(2.62%) (3.62%) (4.56%) <br />Net OPEB Liability $ 726,295 $ 614,366 $ 525,773 <br />80 199 <br />