CITY OF SUFFOLK, VIRGINIA NOTES TO FINANCIAL STATEMENTS June 30, 2019
Note 12.
Other Postemployment Benefits Program – Local Trust (Continued) Changes in the Net OPEB Liability Increase/(Decrease) City Plan Plan Fiduciary Net Net OPEB Liability Position
Total OPEB Liability Balance at 7/01/2017
$
32,252,774
$
31,391,125
$
861,649
Changes for the Year: Service cost Interest Difference between expected and actual experience
646,056
-
646,056
2,369,007
-
2,369,007
5,564,681
-
5,564,681
Changes in assumptions
289,822
Contributions -- employer
-
2,488,905
(2,488,905)
Net investment income Benefit payments including refunds of employee contributions
-
3,045,950
(3,045,950)
(1,454,455)
Administrative Expenses Net Changes Balances at 6/30/2018
39,667,885
$
13,625,931
289,822
(1,454,455)
-
(31,912)
31,912
4,048,488
7,415,111 $
Total OPEB Liability Balance at 12/31/2017
-
$
35,439,613
3,366,623 $
4,228,272
School Board Plan Plan Fiduciary Net Position
Net OPEB Asset
$
$
15,465,239
(1,839,308)
Changes for the Year: Service cost Interest Difference between expected and actual experience
456,968
-
456,968
1,034,554
-
1,034,554
(651,244)
-
(651,244)
Contributions -- employer
-
588,348
(588,348)
Net investment income Benefit payments including refunds of employee contributions
-
(699,998)
699,998
(588,348)
(588,348)
-
(14,727)
14,727
Admininstrative expense Change in assumptions
34,634
-
34,634
Net Changes Balances at 12/31/2018
286,564
(714,725)
1,001,289
$
73
13,912,495
$
14,750,514
$
(838,019)