Laserfiche WebLink
NOTE 13 — OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) <br />The following presents the total OPEB liability of the City, as well as what the City's total OPEB liability <br />would be if it were calculated using healthcare cost trend rates that are 1 percentage point lower or <br />1 percentage point higher than the current healthcare cost trend rates: <br />1% Decrease in <br />Healthcare Cost Trend Rate <br />6.75% grading to 3.00% <br />Healthcare Cost <br />Trend Rate <br />1% Increase in <br />Healthcare Cost Trend Rate <br />7.75% grading to 4.00% 8.75% grading to 5.00% <br />OPEB healthcare trend over several decades over several decades over several decades <br />Total OPEB liability $ <br />1,276,714 $ <br />1,457,811 $ 1,673,500 <br />I. OPEB Expense and Related Deferred Outflow of Resources and Deferred Inflows of Resources <br />For the current year ended, the City recognized OPEB expense of $187,003. As of year-end, the City <br />reported deferred outflows of resources and deferred inflows of resources related to OPEB from the <br />following sources: <br />Deferred Deferred <br />Outflows Inflows <br />of Resources of Resources <br />Differences between expected and actual economic experience $ 652,037 $ 154,748 <br />Changes of as sumptions 87,856 346,267 <br />City contributions subsequent to the measurement date 54,225 — <br />Total $ 794,118 $ 501,015 <br />A total of $54,225 reported as deferred outflows of resources related to OPEB resulting from city <br />contributions subsequent to the measurement date will be recognized as a reduction of the total OPEB <br />liability in the year ending December 31, 2026. Other amounts reported as deferred outflows of resources <br />and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: <br />December 31, Amount <br />2026 $ 14,468 <br />2027 14,468 <br />2028 13,267 <br />2029 15,187 <br />2030 45,670 <br />Thereafter 135,818 <br />Total $ 238,878 <br />93 <br />