CITY OF EDMOND, OKLAHOMA ANNUAL FINANCIAL REPORT June 30, 2021
Employees Covered by Benefit Terms Active Employees Inactive not yet receiving benefits Inactive or beneficiaries receiving benefits Total
752 0 51 803
Total OPEB Liability – The total OPEB liability was determined based on actuarial valuation performed as of June 30, 2020 which is also the measurement date. Actuarial Assumptions- The total OPEB liability in the June 30, 2020 valuation, was determined using the following actuarial assumptions: Actuarial Cost Method - Entry Age Normal Discount Rate – 2.21% based on the 20 year municipal bond yield Retirement Age – Civilians - 55 with 7 years of service, Police and Fire 20 years of service Medical Trend Rates
Year 2019 2020 2030 2035 2040 2045 2050 2060
Rate 6.02% 5.99% 5.99% 5.87% 5.33% 5.15% 5.03% 4.87%
Changes in Total OPEB Liability – Total OPEB Liability $
Balances at Beginning of Year
6,639,763
Changes for the Year: Service cost
396,676
Interest expense
246,275
Differences in expected and actual experience
19,955
Change in assumptions
1,020,944
Benefits paid
(278,374)
Net Changes
1,405,476 $
Balances End of Year
8,045,239
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB - For the year ended June 30, 2021, the City recognized an OPEB benefit of $278,374. At June 30, 2021, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
80
