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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br /> <br /> <br /> <br /> <br />C. PARTICIPANTS <br /> <br />As of the actuarial valuation dated January 1, 2016, participants consisted of: <br /> <br />Retirees and beneficiaries currently <br />purchasing health insurance through the City 1 <br />Disabled police and firefighters 1 <br />Active employees 59 <br />Total 61 <br />Participating employers 1 <br /> <br /> <br />D. FUNDING POLICY <br /> <br />The additional cost of using a blended rate for actives and retirees is currently funded on a pay-as-you- <br />go basis. The City Council may change the funding policy at any time. <br /> <br /> <br />E. ANNUAL OPEB COSTS AND NET OPEB OBLIGATION <br /> <br />The City’s annual other post employment benefit (OPEB) cost is calculated based on the annual <br />required contribution (ARC) of the employer, an amount actuarially determined in accordance with the <br />parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an <br />ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial <br />liabilities (or funding excess) over a period not to exceed 30 years. The net OPEB obligation as of <br />December 31, 2016, was calculated as follows: <br /> <br />Annual required contribution (ARC)$68,777 <br />Interest on net OPEB obligation 27,050 <br />Adjustment to ARC (23,466) <br />Annual OPEB cost 72,361 <br />Contributions made during the year (8,879) <br />Increase (decrease) in net OPEB obligation 63,482 <br />Net OPEB obligation - beginning of year 601,108 <br />Net OPEB obligation - end of year $664,590 <br /> <br />For the governmental activities, the net OPEB obligation is generally liquidated by the General Fund. <br /> <br />77