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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 />119 <br />Note 13 – Other Postemployment Benefits (Continued) <br /> <br />E. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB <br /> <br />For the years ended June 30, 2025, the Port recognized OPEB income in the amount of $30,867. <br /> <br />At June 30, 2025, the Port reported deferred outflows of resources and deferred inflows of resources related to <br />OPEB from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Employer contributions made <br />subsequent to the measurement date 18,126$ -$ <br />Difference between expected and actual experience - (2,091) <br />Changes of assumptions 615 (3,488) <br />Total 18,741$ (5,579)$ <br /> <br />$18,126 was reported as deferred outflows of resources related to OPEB resulting from the Port’s contributions <br />subsequent to the measurement date and were recognized as a reduction of the net OPEB liability in the year ended <br />June 30, 2026, respectively. Other amounts reported as deferred outflows of resources and deferred inflows of <br />resources related to OPEB will be recognized in OPEB expense as follows: <br /> <br />Year Deferred Outflows/ <br />Ended June 30, (Inflows) of Resources <br />2026 (4,964)$ <br />2027 - <br />2028 - <br />2029 - <br />2030 - <br />Thereafter - <br />(4,964)$ <br /> <br />Note 14 – Cafeteria Benefit Plan <br /> <br />The City has a cafeteria benefit plan established pursuant to section 125 of the IRS code. Under this plan eligible <br />employees may direct a contribution, made by the City or elect to contribute pre-tax dollars, into any combination of <br />the following three benefit categories: <br /> <br />1. Medical Insurance Premium Account <br />2. Out of Pocket Medical Spending Account <br />3. Dependent Care Spending Account <br /> <br />Under no circumstances may an employee direct more than $5,000 annually into the Dependent Care Spending Account <br />and $3,050 annually into the Medical Spending Account. This cap applies to both City contributions and employee pre- <br />tax contributions. There are no legal limits on contributions to the Health Premium Account. <br /> <br />All regular full-time and part-time employees employed on a regular and continuous basis, including certain contractual <br />employees, are eligible to participate in this plan. Temporary and casual employees are not eligible. The plan year <br />adopted by the City begins on January 1 and ends December 31. <br />7.C. - Page 151 of 269 <br />170