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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2024
<br />
<br />
<br />NOTE 15 – PENSIONS 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 5.90% 5.90%
<br />Net Pension Liability 158,132,091$ 169,844,964$
<br />Current Discount Rate 6.90% 6.90%
<br />Net Pension Liability 114,745,394$ 120,931,460$
<br />1% Increase 7.90% 7.90%
<br />Net Pension Liability 78,789,461$ 80,941,190$
<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, 2024, the City recognized total pension expense of $22,996,743 for both the
<br />Miscellaneous and Safety Plans. At June 30, 2024, the City reported deferred outflows of resources and
<br />deferred inflows of resources related to pensions from the following sources:
<br />
<br />Agent-Multiple -Deferred Outflows Deferred Inflows
<br />Miscellaneous of Resources of Resources
<br />Pension contributions subsequent to measurement date 11,660,763$ -$
<br />Differences between actual and expected experience 2,190,601 (450,369)
<br />Changes in assumptions 803,022 -
<br />Net differences between projected and actual earnings
<br /> on plan investments 10,596,204 -
<br />Total 25,250,590$ (450,369)$
<br />Cost-Sharing -Deferred Outflows Deferred Inflows
<br />Safety of Resources of Resources
<br />Pension contributions subsequent to measurement date 10,523,532$ -$
<br />Differences between actual and expected experience 8,878,598 (760,102)
<br />Changes in assumptions 7,057,722 -
<br />Change in employer's proportion and differences between
<br /> the employer’s contributions and the employer’s
<br /> proportionate share of contributions 1,517,948 (4,220,300)
<br />Net differences between projected and actual earnings
<br /> on plan investments 16,549,437 -
<br />Total 44,527,237$ (4,980,402)$
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