Union Public Schools Notes to the Financial Statements FOR THE YEAR ENDED JUNE 30, 2021 NOTE H -OTHER POST-EMPLOYMENT INSURANCE BENEFITS-HEALTH AND DENTAL INSURANCE PROGRAM Sensitivity of the total OPEB liability to changes in the discount rate: The following presents the total OPEB liability of the District, as well as what the District's total OPEB liability would be if it were calculated using a discount rate that is 1-percentagepoint lower (1.45%) or 1-percentage point higher (3.45%) than the current discount rate:
Total OPEB liability
1% Decrease Discount Rate 1% Increase (1.45%) (2.45%) (3.45%) $ 7,320,480 $ 6,772,189 $ 6,257,897
Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates: The following presents the total OPEB liability of the District, as well as what the District's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (6.40% decreasing to 5.40%) or 1-percentage-point higher (6.40% increasing to 7.40%) than the current healthcare cost trend rates:
Total OPEB liability
Healthcare Cost Trend 1% Increase 1% Decrease Rates (6.40%) (7.40%) (5.40%) $ 5,948,914 $ 6,772,189 $ 7,770,078
For the year ended June 30, 2021, the District recognized OPEB expense of $512,557. At June 30, 2021, the District reported deferred outflows and inflows of resources related to OPEB from the following sources:
Differences between expected and actual experience Changes of assumptions Contributions between measurement date and reporting date Total
Deferred Outflows of Resources $
$
Deferred Inflows of Resources
- $ 501,000
330,842 417,646
395,123 896,123 $
748,488
Deferred OPEB outflows total $395,123 resulting from the District's contributions between the measurement date and the reporting date will be recognized as a reduction of the OPEB liability in the year ended June 30, 2022. Other amounts reported as deferred (inflows) outflows of resources related to OPEB will be recognized in OPEB expenses as follows: Year ended: 2022 2023 2024 2025 2026 Thereafter
$
$
65
(79,355) (79,355) (79,355) (58,265) (6,956) 55,798 (247,488)