ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 93
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 6 - Other Postemployment Benefits (Continued)
Total OPEB Liability The measurement date for the City’s total OPEB liability is
September 30, 2019. The measurement period for OPEB cost was October 1, 2018 to
September 30, 2019. The components of the City’s net OPEB liability at September 30,
2020, are as follows:
Total OPEB Liability
OPEB Plan Fiduciary net position
City's Total OPEB Liability
$
$
OPEB Plan Fiduciary net position as a
percentage of Total OPEB Liability
2,784,211
2,784,211
0.00%
Actuarial Assumptions The total OPEB liability as of September 30, 2020 was based
on a roll-forward of the actuarial valuation dated October 1, 2018 using the following
actuarial assumptions:
Mortality rates for police officers and firefighters were based on the Pub – 2010 Blue
Collar Healthy Mortality Table and projected generationally with Scale MP-2019.
Mortality rates for other employees were based on the Combined Healthy Mortality
Table and projected generationally with Scale MP-2019.
Discount Rate The discount rate used to measure the total OPEB liability at September
30, 2020 was 2.66%. The discount rate used to measure the total OPEB liability at
September 30, 2020 was 2.66%. Because the City’s OPEB costs are essentially funded
on a pay-as-you-go funding structure, a municipal bond rate was used to determine the
total pension liability for the Program. The Bond Buyer General Obligation 20-Bond
Municipal Bond Index was adopted for this purpose.
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