CAFR 2017

Schedule 5

Schedule of Changes in Net OPEB Liability and Related Ratios Other Postemployment Benefit (OPEB) Trust Required Supplementary Information Fiscal Years Ending June 30, 2017 and 2016

2017

2016

Total OPEB Liability: Service cost

$

7,578,219 4,569,030 (7,859,644) (4,655,834)

$

- - - - -

Interest

Changes of assumptions and other inputs

Benefit payments (1)

Net Change in Total OPEB Liability Total OPEB Liability - Beginning Total OPEB Liability -Ending (a)

(368,229)

148,771,196

$ 148,402,967

148,771,196

Plan Fiduciary Net Position: Contributions - employer (2)

$

5,155,834 1,700,361 (4,655,834) 2,200,361 15,179,561 17,379,922

$

- - - - -

Net investment income Benefit payments (1)

Net Change in Plan Fiduciary Net Position Plan Fiduciary Net Position - Beginning Plan Fiduciary Net Position - Ending (b) Net OPEB Liability - Ending (a) - (b)

15,179,561

$ 131,023,045

$133,591,635

Ratio of plan fiduciary net position to total OPEB liability

11.71%

10.20%

$ 137,120,463

137,120,463

Covered employee payroll

Net OPEB liability as a percentage of covered-employee payroll

95.55%

97.43%

(1) Benefit payments are net of participant contributions of $2,293,368. Net benefit payments of $4,655,834 paid directly by the City are also included. (2) Employer contributions included $4,655,834 paid directly from the City.

Notes to the Required Schedule: All years for which information is available are presented. Changes of Assumptions:

The Plan's Fiduciary Net Position in 2017 was projected to be depleted in 2024 and, as a result, the Municipal Bond Index Rate was used in determination of the discount rate. The long term expected rate of return of 5.5% on Plan investments was applied to periods through 2024 and the Municipal Bond Index Rate at the measurement date of 6/30/2017 (3.56%) was applied to periods on and after 2024, resulting in a discount rate of 3.66% at the measurement date. The discount rate at the prior measurement date of 6/30/16 was 3.12%.

The Total OPEB liability is based upon an actuarial valuation as of 6/30/2016 and the total OPEB Liability as of 6/30/17 was determined using standard actuarial roll forward techniques.

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