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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2021
<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 143,430,554$ 142,947,853$
<br />Current Discount Rate 7.15%7.15%
<br />Net Pension Liability 104,182,640$ 99,877,170$
<br />1% Increase 8.15%8.15%
<br />Net Pension Liability 71,567,822$ 64,533,599$
<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, 2021, the City recognized total pension expense of $14,119,300 and $13,481,844 for
<br />Miscellaneous and Safety, respectively. At June 30, 2021, the City reported deferred outflows of
<br />resources and deferred inflows of resources related to pensions from the following sources:
<br />
<br />Agent-Multiple Deferred Outflows Deferred Inflows
<br />Miscellaneous of Resources of Resources
<br />Pension contributions subsequent to measurement date 9,717,634$ -$
<br />Differences between actual and expected experience 1,932,094 -
<br />Changes in assumptions - -
<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 1,334,026 -
<br />Total 12,983,754$ -$
<br />Cost-Sharing Deferred Outflows Deferred Inflows
<br />Safety of Resources of Resources
<br />Pension contributions subsequent to measurement date 9,219,375$ -$
<br />Differences between actual and expected experience 7,744,969 -
<br />Changes in assumptions - (332,693)
<br />Change in employer's proportion and differences between
<br /> the employer’s contributions and the employer’s
<br /> proportionate share of contributions 1,706,115 (3,982,804)
<br />Net differences between projected and actual earnings
<br /> on plan investments 2,170,751 -
<br />Total 20,841,210$ (4,315,497)$
<br />82343
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