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2012 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2012 <br />NOTE 6 —OTHER POST - EMPLOYMENT BENEFITS (Continued) <br />E. Annual OPEB Cost and Net OPEB Obligation <br />The City's annual other post - employment benefit (OPEB) cost is calculated based on the annual required <br />contribution (ARC) of the employer, an amount actuarially determined in accordance with the parameters <br />of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is <br />projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding <br />excess) over a period not to exceed 30 years. The net OPEB obligation as of December 31, 2012, was <br />calculated as follows: <br />Annual required contribution <br />$ 2211244 <br />Interest on OPEB obligation <br />201913 <br />Adjustment to annual required contribution <br />(28,654) <br />Annual OPEB cost <br />213,503 <br />Contributions made <br />(68,009)_ <br />Increase (decrease) in net OPEB obligation <br />1451494 <br />Net OPEB obligation beginning of year <br />464,729 <br />Net OPEB obligation end of year <br />$ 610,223 <br />The City first had an actuarial valuation performed for the plan as of January 1, 2008 to determine the <br />funded status of the plan as of that date as well as the employer's annual required contribution (ARC). <br />As of December 31, 2012, the City's annual OPEB cost (expense) is $213,503. The City's annual OPEB <br />cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for 2012 <br />was as follows: <br />W <br />Annual <br />Percentage <br />Net <br />Fiscal <br />OPEB <br />Employer <br />of Annual OPEB <br />OPEB <br />Year Ended <br />Cost <br />Contributions <br />Cost Contributed <br />Obligation <br />2009 <br />$ 234,937 <br />$ 119,317 <br />50.8% <br />$ 244,063 <br />2010 <br />232,654 <br />125,980 <br />54.1% <br />350,737 <br />2011 <br />215,574 <br />101,582 <br />47.1% <br />464,729 <br />2012 <br />213,503 <br />6809 <br />31.9% <br />610,223 <br />W <br />
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