Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Notes to Basic Financial Statements, Continued For the fiscal year ended June 30, 2009 OPEB FUNDING INFORMATION (dollars in thousands): Type of Valuation Valuation date (July 1) Actuarial value of assets Actuarial accrued liability Unfunded actuarial accrued liability (UAAL) Annual covered payroll UAAL as a percentage of payroll Interest rate Salary Scale Funded ratio Actual 2008 $ - $ 17,721 $ 17,721 - % $ 128,622 13.78% 5.00% 3.25% Actual 2007 - 16,518 16,518 - % 124,253 13.29% 5.00% 3.25% 87
CITY OF SANTA MONICA, CALIFORNIA Notes to Basic Financial Statements For the fiscal year ended June 30, 2009 Medical Trusts The City contributes, consistent with bargaining unit agreements, monies to medical trusts that provide postemployment medical benefits to employees. The amount of benefits provided to employees under these plans is limited solely to the amount contributed, related investment earnings, and forfeitures. During FY 2008-09 the City contributed $2,734,181 towards the retiree medical trusts. These are administered through third-party administrators and the City does not perform the investing function or have other significant responsibility relating to the management of plan assets. Thus, plan assets and any related liabilities have been excluded from the City’s basic financial statements. 88
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Comprehensive Annual Financial Report - City of Santa Monica

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