|
CITY OF SAN LEANDRO
<br />Notes to Required Supplementary Information
<br />For the year ended June 30, 2021
<br />City of San Leandro
<br />Other Postemployment Benefits Plan - Multiple Employer Plan
<br />Schedule of Changes in the
<br />Net OPEB Liability and Related Ratios
<br />Last Ten Fiscal Years (1)
<br />For the Measurement Period Ended June 30 2017 2018 2019 2020 2021
<br />Total OPEB Liability
<br />Service Cost 709,979$ 673,551$ 692,916$ 843,066$ 868,358$
<br />Interest 1,027,370 1,054,962 1,067,353 1,216,539 1,257,969
<br />Changes of benefit terms --- --
<br />Differences between expected and actual experience --1,270,076.00 --
<br />Changes of assumptions -440,394 1,975,353 --
<br />Implicit rate subsidy fulfilled -(733,837)- --
<br />Benefit Payments (1,538,260) (802,834) (1,508,460) (1,271,770) (1,319,716)
<br />Net change in Total OPEB Liability 199,089 632,236 3,497,238 787,835 806,611
<br />Total OPEB Liability at beginning of year 18,636,426 18,835,515 19,467,751 22,964,989 23,752,824
<br /> Total OPEB Liability at end of year 18,835,515$ 19,467,751$ 22,964,989$ 23,752,824$ 24,559,435$
<br />Plan Fiduciary Net Position
<br />Contributions - employer 8,488,260$ 1,552,834$ $2,508,460 2,771,770$ 1,319,716$
<br />Contributions - employer for implicit subsidy -733,837 - --
<br />Contributions - member --- --
<br />Net investment income 640,483 528,900 1,047,583 801,925 2,700,965
<br />Benefit payments (1,538,260) (802,834) (1,508,460) (1,271,770) (1,319,716)
<br />Implicit subsidy fulfilled -(733,837)- --
<br />Administrative expenses (40,605) (67,811) (36,472) (40,057) (43,249)
<br />Net change in Plan Fiduciary Net Position 7,549,878 1,211,089 2,011,111 2,261,868 2,657,716
<br />Plan Fiduciary Net Position at beginning of year 6,115,430 13,665,308 14,876,397 16,887,508 19,149,376
<br /> Plan Fiduciary Net Position at end of year 13,665,308$ 14,876,397$ 16,887,508$ 19,149,376$ 21,807,092$
<br />Authority's Net OPEB Liability (Asset) at end of year 5,170,207$ 4,591,354$ 6,077,481$ 4,603,448$ 2,752,343$
<br />Plan's Fiduciary Net Position as percentage of Total OPEB
<br />Liability 72.6% 76.4% 73.5% 80.6% 88.8%
<br />Covered employee payroll $34,267,955 $33,357,709 $42,275,248 $41,120,591 $41,613,491
<br />Net OPEB Liability as percentage of covered payroll 15.09% 13.76% 14.38% 11.19% 6.61%
<br />Notes:
<br />(1) Fiscal year 2018 was the first year of implementation for GASB 75
<br />98359
|