|
City of Roseville, MinnesotaSchedule 5
<br />REQUIRED SUPPLEMENATRY INFORMATION(Page 1 of 1)
<br />SCHEDULE OF CHANGES IN THE TOTAL
<br />OPEB LIABILITY AND RELATED RATIOS
<br />For the Fiscal Year Ended December 31, 2023
<br />Total OPEB Liability:
<br />202320222021202020192018
<br />Service cost96,877$ 139,534$ 135,470$ 112,235$ 93,240$ 91,108$
<br />Interest cost36,008 35,311 52,102 59,781 51,636 49,752
<br />Changes in benefit terms- - - -- -
<br />Differences between expected and actual experience (309,503) - (149,745) -( 21,855) -
<br />Changes in assumptions (181,507) -1 0,616 102,065 (61,560) -
<br />Benefit payments (110,076) (84,739) (82,195) (65,582) (78,354) (93,369)
<br /> Net changes in total OPEB liability
<br /> (468,201) 90,106 (33,752) 208,499 (16,893) 47,491
<br /> Total OPEB liability - beginning
<br /> 1,758,292 1,668,186 1,701,938 1,493,439 1,510,332 1,462,841
<br />g
<br /> Total OPEB liability - endin
<br />$ 1,758,2921,290,091$ 1,668,186$ 1,701,938$ 1,493,439$ 1,510,332$
<br />Covered-employee payroll
<br />$ 15,401,259$ 17,591,639$ 17,079,261$ 16,129,907$ 15,660,104$ 13,011,570
<br />Total OPEB liability as a percentage of covered-employee payroll8.38%10.00%9.77%10.55%9.54%11.61%
<br />Assumption Changes for 2023:
<br />*The health care trend rates were changed to better anticipate short term and long term medical increases.
<br />*The mortality tables were updated from the Pub-2010 Public Retirement Plans Headcount-Weighted Mortality Tables (General, Safety) with MP-2020 Generational
<br />Improvement Scale to the Pub-2010 Public Retirement Plans Headcount-Weighted Mortality Tables (General, Safety) with MP-2021 Generational Improvement Scale.
<br />*The retirement, withdrawl, and salary increase rates for public safety employees were updated to reflect latest experience study.
<br />*The inflation rate was changed from 2.00% to 2.50%.
<br />*The discount rate was changed from 2.00% to 4.00%.
<br />*These assumption changes decreased the liability $181,507.
<br />The schedule is provided prospectively beginning with the City's fiscal year ended
<br />December 31, 2018 and is intended to show a ten year trend. Additional years
<br />will be added as they become available.
<br />*No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement 75 to pay related benefits.
<br />The notes to the required supplementary information are an integral part of this statement.
<br />88
<br />Qbhf!21:!pg!494
<br />
<br />
|