Pension Fund Schedule of City’s Contributions-Last Ten Years

CITY OF EDMOND, OKLAHOMA

ANNUAL FINANCIAL REPORT June 30, 2021

Employees Covered by Benefit Terms

Active Employees 752 Inactive not yet receiving benefits 0 Inactive or beneficiaries receiving benefits 51 Total 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 Rate 2019 6.02% 2020 5.99% 2030 5.99% 2035 5.87% 2040 5.33% 2045 5.15% 2050 5.03% 2060 4.87%

Changes in Total OPEB Liability –

Balances at Beginning of Year Total OPEB Liability

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: