Page 131 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem

City of Winston-Salem, North Carolina

Schedule of Changes in Net OPEB Liability and Related Ratios
Post-employment Bene ts

Last Two Fiscal Years (1) Exhibit 17

2018 2017
Total OPEB liability
Service cost $ 798,898 $ 957,457
Interest 6,461,804 6,117,675
Changes of bene t terms 2,989,827 -
Di erence between expected and actual experience (2,089,619) -
Changes of assumptions (2,911,904) -
Bene t payments, including refunds (7,897,384) (7,846,542)
Net change in total OPEB liability (2,648,378) (771,410)
Total OPEB liability, beginning 86,507,494 87,278,904
Total OPEB liability, ending (a) 83,859,116 86,507,494

Plan duciary net position
Contributions – employer 4,192,751 7,027,147
Contributions – member 1,945,017 1,908,432
Net investment income 6,048,274 8,248,248
Bene t payments, including refunds (7,897,384) (7,846,542)
Administrative expense (128,708) (137,572)
Other - -
Net change in plan fiduciary net position 4,159,950 9,199,713
Plan fiduciary net position, beginning 64,086,343 54,886,630
Plan fiduciary net position, ending (b) 68,246,293 64,086,343
Net OPEB liability, ending (a-b) $ 15,612,823 $ 22,421,151

Plan duciary net position as a percentage
of the total OPEB liability 81.4% 74.1%
Covered payroll $ 75,814,665 $ 107,640,260
Net OPEB liability as a percentage of
covered payroll 20.6% 20.8%

Required supplementary information is intended for 10 years and will be shown when available.
(1)

W I N S T O N S AL E M , N O R T H C AR O L I N A 125