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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2014
<br />NOTE 15 — OTHER POST EMPLOYMENT BENEFITS (Continued)
<br />The City's annual OPEB cost is calculated based upon the ARC, an amount actuarially determined in
<br />accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that,
<br />if paid on an ongoing basis, is projected to cover normal costs each year and amortize any unfunded
<br />actuarial liabilities (or funding excess) over a period not to exceed thirty years. The following table
<br />shows the components of the City's annual OPEB cost for the year, the amount actually contributed to the
<br />plan, and changes in the City's net OPEB obligation:
<br />Annual required contribution
<br />$ 1,524,000
<br />Interest on net OPEB obligation
<br />109,000
<br />Adjustment to the annual required contribution
<br />(162,000)
<br />Annual OPEB cost
<br />1,471,000
<br />Less: Contributions made
<br />(1,980,000)
<br />Decrease in net OPEB obligation
<br />(509,000)
<br />NET OPEB obligation - beginning year
<br />2,128,999
<br />NET OPEB obligation - end of year
<br />$ 1,619,999
<br />The City's annual OPEB cost, equal to the ARC, the percentage of OPEB cost contributed to the plan and
<br />the net OPEB obligation for 2014 and the preceding years were as follows:
<br />Fiscal Year
<br />Ended June
<br />Annual OPEB
<br />Contributions
<br />30,
<br />Cost
<br />Made
<br />2009
<br />$ 1,791,000
<br />$ 1,411,315
<br />2010
<br />1,870,000
<br />1,359,742
<br />2011
<br />1,387,000
<br />920,415
<br />2012
<br />1,452,000
<br />1,169,503
<br />2013
<br />1,403,000
<br />913,026
<br />2014
<br />1,471,000
<br />1,980,000
<br />Total Net OPEB Obligation
<br />C. Plan Funded Status Information
<br />Percentage of Annual
<br />OPEB Cost
<br />Contributed
<br />79%
<br />73%
<br />66%
<br />81%
<br />65%
<br />135%
<br />Net OPEB
<br />Obligation
<br />$ 379,685
<br />510,258
<br />466,585
<br />282,497
<br />489,974
<br />(509,000)
<br />$ 1,619,999
<br />As of June 30, 2013, the latest valuation date, the funded status of the plan, was as follows:
<br />Actuarial Valuations
<br />Actuarial accrued liability (AAL)
<br />Actuarial value of plan assets
<br />Unfunded actuarial accrued liability (UAAL)
<br />Funded ratio (actuarial value of plan assets/AAL)
<br />Covered payroll (active plan members)
<br />UAAL as percentage of covered payroll
<br />ribi
<br />16,081,000
<br />1,505,000
<br />14,576,000
<br />9%
<br />30,227,000
<br />48.2%
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