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<br />49 <br />by the City Council. Plan members do not make contributions to the Plan; the Plan is <br />funded entirely by the employer contributions. <br /> <br />The ARC represents a level of funding that, if paid on an ongoing basis, is <br />projected to cover normal OPEB costs each year and amortize any unfunded actuarial <br />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 Fiscal Year 2014–15, the <br />amount actually contributed to the Plan, and changes in the City’s net OPEB obligation: <br /> <br />Annual required contribution $1,377,000 <br />Interest on net OPEB obligation 93,000 <br />Adjustment to annual required contribution (92,000) <br />Annual OPEB cost (expense) 1,378,000 <br />Contributions (benefit payments) (2,575,668) <br />Decrease in net OPEB obligation (1,197,668) <br />Net OPEB obligation – beginning of year 1,619,999 <br />Net OPEB obligation – end of year $422,331 <br /> <br />The City’s annual OPEB cost, the percentage of annual OPEB cost contributed <br />to the Plan, and the net OPEB obligation for the last four Fiscal Years are as follows: <br /> <br />Fiscal Year <br />Ended <br />Annual <br /> OPEB Cost <br /> <br /> <br /> <br />Contribution <br />Percentage of <br />Annual OPEB <br />Cost Contributed <br />Net OPEB <br />Obligation <br />June 30, 2012 $1,452,000 $1,169,503 81% $282,497 <br />June 30, 2013 1,403,000 913,026 65 489,974 <br />June 30, 2014 1,471,000 1,980,000 135 (509,000) <br />June 30, 2015 1,378,000 2,575,668 187 (1,197,668) <br />Total Net OPEB Obligation $422,331 Source: City of San Leandro. <br />