Page 116 - Moreno Valley 2025 Annual Financial Report

City of Moreno Valley, California

Schedule of Changes in Net OPEB Liability and Related Ratios
Last Ten Years*

2017 2018 2018 (1) 2019 2020 2021 2022 2023 2024
Total OPEB Liability (TOL)
Service Cost $ 397,604 $ 409,532 $ - $ 360,905 $ 459,956 $ 441,404 $ 453,543 $ 532,469 $ 521,624
Interest on TOL and Service Cost 1,103,301 1,149,342 - 1,212,957 1,178,040 1,250,876 1,272,484 1,189,947 1,235,326
Difference between expected & actual experience - - 135,598 (200,112) 475,121 (352,233) (1,910,420) (78,408) (219,954)
Changes of assumptions or other inputs - - (854,050) 1,961,763 109,418 29,971 438,727 (503,557) (1,546,667)
Benefit payments (977,892) (700,673) 26,466 (689,589) (718,916) (764,294) (1,054,058) (821,387) (845,729)
Implicit rate subsidy fulfilled - (285,661) - (295,036) (302,476) (261,323) (258,562) (357,836) (368,757)
Net change in total OPEB liability 523,013 572,540 (691,986) 2,350,888 1,201,143 344,401 (1,058,286) (38,772) (1,224,157)
Total OPEB liability - beginning of year 16,389,328 16,912,341 17,484,881 16,792,895 19,143,783 20,344,926 20,689,327 19,889,603 19,850,831 **
Total OPEB liability - end of year (a) $ 16,912,341 $ 17,484,881 $ 16,792,895 $ 19,143,783 $ 20,344,926 $ 20,689,327 $ 19,631,041 $ 19,850,831 $ 18,626,674
Plan Fiduciary Net Position
Net investment income $ 1,450,417 $ 423,688 $ (72,538) $ 670,718 $ 421,628 $ 3,309,203 $ (2,206,130) $ 918,976 $ 1,901,587
Contributions - employer 1,116,747 642,216 - 661,483 631,564 1,576,755 1,747,036 2,188,695 1,992,364
Employer - implicit subsidy - 285,661 - 295,036 302,476 261,323 258,562 357,836 368,757
Benefit payments, including refunds of employee
96
contributions (977,892) (700,673) 26,466 (689,589) (718,916) (764,294) (1,054,058) (821,387) (845,729)
Implicit rate subsidy fulfilled - (285,661) - (295,036) (302,476) (261,323) (258,562) (357,836) (368,757)
Trust administrative expenses (4,601) (5,244) (66) (2,350) (5,640) (4,560) (4,116) (7,612) (5,711)
Other additions - - - (10,898) - - - (3,482) 6,467
Net change in plan fiduciary net position 1,584,671 359,987 (46,138) 629,364 328,636 4,117,104 (1,517,268) 2,275,190 3,048,978
Plan fiduciary net position - beginning of year 8,440,888 10,025,559 10,385,546 10,339,408 10,968,772 11,297,408 15,414,512 14,155,806 16,430,996 **

Plan fiduciary net position - end of year (b) $ 10,025,559 $ 10,385,546 $ 10,339,408 $ 10,968,772 $ 11,297,408 $ 15,414,512 $ 13,897,244 $ 16,430,996 $ 19,479,974
Net OPEB liability - end of year (a)-(b) $ 6,886,782 $ 7,099,335 $ 6,453,487 $ 8,175,011 $ 9,047,518 $ 5,274,815 $ 5,733,797 $ 3,419,835 $ (853,300)

FNP as % of TOL 59.30% 59.40% 61.60% 57.30% 55.50% 74.50% 71.20% 82.80% 104.60%
Covered payroll - measurement period $ 21,269,539 $ 20,129,158 $ 20,682,710 $ 24,421,260 $ 21,287,842 $ 23,236,495 $ 24,579,873 $ 22,296,347 $ 28,941,720
NOL as % of covered payroll 32.40% 35.30% 31.20% 33.50% 42.50% 22.70% 23.30% 15.30% (2.90%)

Notes to Schedule:
(1) A one time change to the valuation approach was made to bring the census date in line with the measurement date, and to set the report date one year ahead of the measurement date to allow the City to
complete reports ahead of the fiscal year.

* Historical information is required only for measurement periods where GASB 75 is applicable. The City adopted GASB 75 for the fiscal year ending June 30, 2017.

** Beginning balance restated per GASB 75 OPEB Valuation Report Measured as of June 30, 2023