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City of Redwood City
<br />Required Supplementary Information (Unaudited) (Continued)
<br />Schedule of Changes in Net OPEB Liability and Related Ratios
<br />For the Year Ended June 30, 2025
<br />
<br />142
<br />2025 2024 2023 2022 2021 2020 2019 2018
<br />For the Measurement Period:2023-2024 2022-2023 2021-2022 2020-2021 2019-2020 2018-2019 2017-2018
<br />2016-20171
<br />Total OPEB Liability:
<br />Service Cost 4,519,553$ 3,601,738$ 3,505,341$ 2,734,440$ 2,654,796$ 2,579,477$ 2,504,347$ 2,431,405$
<br />Interest on the total OPEB liability 7,282,228 5,842,841 5,557,379 6,349,565 6,039,766 6,059,446 5,741,299 5,420,908
<br />Changes in benefit terms - - - - - (91,335) - -
<br />Difference between expected
<br />and actual experience - 11,975,751 - (9,985,908) - (6,285,887) - -
<br />Changes in assumptions - 5,455,841 - (601,670) - 1,388,517 - -
<br />Benefit payments (4,867,876) (4,659,716) (4,523,721) (4,310,089) (4,059,058) (3,975,125) (3,239,884) (3,117,523)
<br />Net changes in
<br />Total OPEB Liability 6,933,905 22,216,455 4,538,999 (5,813,662) 4,635,504 (324,907) 5,005,762 4,734,790
<br />Be ginning of Year 114,430,030 92,213,575 87,674,576 93,488,238 88,852,734 89,177,641 84,171,879 79,437,089
<br />End of Year 121,363,935$ 114,430,030$ 92,213,575$ 87,674,576$ 93,488,238$ 88,852,734$ 89,177,641$ 84,171,879$
<br />Plan Fiduciary Net Position:
<br />Employer contribution 4,884,566$ 7,344,999$ 7,983,000$ 7,722,813$ 8,091,673$ 8,553,676$ 6,830,404$ 6,163,000$
<br />Employee contributions - - - - - - - -
<br />Net investment income 6,781,903 3,598,414 (8,368,889) 12,425,762 1,245,474 2,293,756 2,158,131 2,270,291
<br />Administrative expenses (36,821) (31,923) (26,484) (27,934) (31,256) (16,917) (50,216) (11,547)
<br />Benefit payments (4,867,876) (4,659,716) (4,523,721) (4,310,089) (4,059,058) (3,975,125) (3,239,884) (3,117,523)
<br />Net changes in
<br />Fiduciary Net Position 6,761,772 6,251,774 (4,936,094) 15,810,552 5,246,833 6,855,390 5,698,435 5,304,221
<br />Be ginning of Year 61,761,060 55,509,286 60,445,380 44,634,828 39,387,995 32,532,605 26,834,170 21,529,949
<br />End of Year 68,522,832$ 61,761,060$ 55,509,286$ 60,445,380$ 44,634,828$ 39,387,995$ 32,532,605$ 26,834,170$
<br />Net OPEB Liabilit y 52,841,103$ 52,668,970$ 36,704,289$ 27,229,196$ 48,853,410$ 49,464,739$ 56,645,036$ 57,337,709$
<br />Fiduciary Net Position
<br />as a percentage of
<br />Total OPEB Liability 56.46% 53.97% 60.20% 68.94% 47.74% 44.33% 36.48% 31.88%
<br />Covered Payroll 94,016,357$ 90,994,815$ 84,686,568$ 81,004,127$ 77,259,985$ 73,074,208$ 73,121,435$ 71,831,235$
<br />Net OPEB Liabilit y
<br /> as a % of Payroll 56.20% 57.88% 43.34% 33.61% 63.23% 67.69% 77.47% 79.82%
<br />1 Historical information is presented only from the implementation year.
<br />City Plan
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