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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2019
<br />
<br />
<br />NOTE 13 – PENSION PLAN (Continued)
<br />
<br />E. Other Information
<br />
<br />Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The following presents the
<br />net pension liability of the City for the Plan, calculated using the discount rate for the Plan, as well as
<br />what the City’s net pension liability would be if it were calculated using a discount rate that is 1-
<br />percentage point lower or 1-percentage point higher than the current rate:
<br />
<br />Miscellaneous Safety
<br />1% Decrease 6.15%6.15%
<br />Net Pension Liability 126,494,453$ 126,257,117$
<br />Current Discount Rate 7.15%7.15%
<br />Net Pension Liability 89,556,903$ 85,739,175$
<br />1% Increase 8.15%8.15%
<br />Net Pension Liability 58,872,797$ 52,541,977$
<br />
<br />Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net
<br />position is available in the separately issued CalPERS financial reports.
<br />
<br />Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions – For the year
<br />ended June 30, 2019, the City recognized total pension expense of $27,849,873, $14,317,732 and
<br />$13,532,141 for Miscellaneous and Safety, respectively. At June 30, 2019, the City reported deferred
<br />outflows of resources and deferred inflows of resources related to pensions from the following sources:
<br />
<br />Agent-Multiple Deferred Outflows Deferred Inflows
<br />Miscellaneous of Resources of Resources
<br />Pension contributions subsequent to measurement date 7,668,583$ -$
<br />Differences between actual and expected experience (450,567)
<br />Changes in assumptions 1,406,978 (999,482)
<br />Change in employer's proportion and differences between
<br /> the employer’s contributions and the employer’s
<br /> proportionate share of contributions
<br />Net differences between projected and actual earnings
<br /> on plan investments 601,599
<br />Total 9,677,160$ (1,450,049)$
<br />Cost-Sharing Deferred Outflows Deferred Inflows
<br />Safety of Resources of Resources
<br />Pension contributions subsequent to measurement date 7,027,678$ -$
<br />Differences between actual and expected experience 1,842,246 (6,988)
<br />Changes in assumptions 8,412,508 (1,134,998)
<br />Change in employer's proportion and differences between
<br /> the employer’s contributions and the employer’s
<br /> proportionate share of contributions 2,872,186 (4,320,524)
<br />Net differences between projected and actual earnings
<br /> on plan investments 580,494
<br />Total 20,735,112$ (5,462,510)$
<br />81228
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