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<br />- 26 - <br />The City’s net OPEB liability was measured as of December 31, 2017, and the total OPEB liability used to <br />calculate the net OPEB liability was determined by an actuarial valuation as of January 1, 2017. The <br />discount rate used to measure the total OPEB liability was 2.85%. Components of the City’s OPEB liability <br />and related ratios for the fiscal year ended December 31, 2017 are as follows: <br /> <br />Total fiduciary net position – beginning of year $789,627 <br /> <br />Service cost 16,990 Interest 22,542 Changes of benefit terms 0 Differences between expected <br /> and actual experience (51,083) Benefit payments (31,536) Net changes $ (43,087) <br /> <br />Total fiduciary net position – end of year $746,540 <br /> <br /> <br />Covered Employee Payroll $3,499,836 <br /> <br />Total OBEB Liability as a Percentage <br /> of Covered Employee Payroll 21.3% <br /> <br />For more information regarding the City’s OPEB plan with respect to its employees, please reference “Note <br />10, Postemployment Benefits Other than Pensions” of the City’s Comprehensive Annual Financial Report <br />for fiscal year ended December 31, 2017, an excerpt of which is included as Appendix IV of this Official <br />Statement. <br /> <br />Sources: City’s Comprehensive Annual Financial Reports. <br />