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50 Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual requires contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. Net OPEB Liability. As of June 30, 2017, the City’s net OPEB liability totaled approximately $5 million calculated as follows: Total Liability $18,835,515 Plan Fiduciary Net Position (13,665,308) City’s Net OPEB Liability $5,170,207 Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 72.55% See “APPENDIX A – AUDITED FINANCIAL STATEMENTS OF THE CITY FOR THE FISCAL YEAR ENDED JUNE 30, 2017 Note 14” for additional information relating to the City’s OPEB Plan. Investment Policies and Procedures The City maintains a cash and investment pool, which includes cash balances and authorized investments of all funds, which the Finance Director invests to enhance interest earnings. The pooled interest earned is allocated to the funds based on average daily cash and investment balance in these funds. The City invests its funds in accordance with the City’s Investment Policy (the “Investment Policy”), which is subject to annual review and approval by the City Council. The purpose of the Investment Policy is to establish the investment goals of safety, liquidity, and yield (in that order). The City’s Investment Policy complies with the provisions of the California Government Code, Sections 53600 through 53659 (the authority governing investments for municipal governments in the State). The Investment Policy limits the City to investments authorized by State law. In addition, the Investment Policy establishes further guidelines. The overall strategy of the Investment Policy is to earn a maximum rate of return, while preserving capital and sufficient liquidity to meet operating cash requirements. This is accomplished by maintaining a portfolio of allowable investment instruments that have acceptable credit quality standards with maturities matching expected cash needs. The City does not actively trade securities in the open market. The City utilizes a “buy and hold” approach, which means that it holds securities until maturity unless they are called prior to their scheduled maturity dates by the issuing entity. The City Council reviews quarterly investment reports. According to the report for the quarter ended June 30, 2018, the City has invested funds as set forth in the table below. There has been no material change to the amounts of invested funds shown on the following table as of the date hereof.