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City of Redwood City <br />Notes to the Basic Financial Statements (Continued) <br />For the Year Ended June 30, 2025 <br /> <br /> <br />118 <br />Note 13 – Other Postemployment Benefits (Continued) <br /> <br />C. Port Plan (Continued) <br /> <br />Change in Net OPEB Liability <br /> <br />Summary of changes in total OPEB liability for the year ended June 30, 2025, were as follows: <br /> <br />Total <br />OPEB <br />Liability <br />Balance at June 30, 2023 583,632$ <br />Changes recognized for the measurement period: <br />Service cost 5,190 <br />Interest on the total OPEB liability 22,234 <br />Difference between expected and actual experience - <br />Changes of assumptions (8,471) <br />Benefit payments (15,235) <br />Net changes during July 1, 2023 to June 30, 2024 3,718 <br />Balance at June 30, 2024, measurement date 587,350$ <br /> <br />D. Sensitivity of the Net OPEB Liability to Changes in the Discount Rate <br /> <br />The following presents the total OPEB liability of the Port, as well as what the Port’s total OPEB liability would <br />be if it were calculated using a discount rate that is 1-percentage-point lower (2.97 percent) or 1-percentage- point <br />higher (4.97 percent) than the current discount rate: <br /> <br />Discount Rate - 1% Current Discount Discount Rate + 1% <br />(2.97%) Rate (3.97%) (4.97%) <br />671,925$ 587,350$ 518,263$ <br />Plan's Total OPEB Liability <br /> <br /> <br />The following presents the total OPEB liability of the Port, as well as what the Port’s total OPEB liability would <br />be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point <br />higher than the current healthcare cost trend rates: <br /> <br />Healthcare Cost <br />-1% Trend Rates 1% <br />516,868$ 587,350$ 672,346$ <br />Plan's Total OPEB Liability <br /> <br />7.C. - Page 150 of 269 <br />169