8E Consent 2017 0221 - Laserfiche WebLink

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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2016 NOTE 13 – PENSION PLAN (Continued) The Safety Plan net pension liability is measured as the proportionate share of the net pension liability in the State-wide pool. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the net pension liability for the Safety Plan as of June 30, 2014 and 2015 was as follows: Safety Proportion - June 30, 2014 0.77754% Proportion - June 30, 2015 0.14016% Change - Increase (Decrease)-0.64% Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The following presents the net pension liability of the City for the Plan, calculated using the discount rate for the Plan, as well as what the City’s net pension liability would be if it were calculated using a discount rate that is 1- percentage point lower or 1-percentage point higher than the current rate: Miscellaneous Safety 1% Decrease 6.65% 6.65% Net Pension Liability 99,318,621$ 93,272,238$ Current Discount Rate 7.65% 7.65% Net Pension Liability 66,965,973$ 57,751,630$ 1% Increase 8.65% 8.65% Net Pension Liability 40,102,944$ 28,625,384$ Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions For the year ended June 30, 2016, the City recognized negative pension expense of $4,707,418. At June 30, 2016, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: 78