FY2016 CCDOA Financial Report as of 6302016.pdf - page 81

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
68
Contribution rates
Department
Plan Members
FY 2016
FY 2015*
FY 2016
FY 2015*
Annual Required Contribution (ARC)
11,379,383
$
11,502,360
$
670,713
$
678,077
$
Interest on Net OPEB obligation
1,781,704
2,152,809
105,033
126,911
Adjustment to ARC
(2,575,906)
(3,247,079)
(151,853)
(191,418)
Annual OPEB Cost
10,585,181
10,408,090
623,893
613,570
Contributions made
(2,079,004)
(15,924,681)
(166,447)
(1,285,004)
Increase (decrease) in net OPEB obligation
8,506,177
(5,516,591)
457,446
(671,434)
Net OPEB obligation, beginning of FY
46,160,200
52,795,348
4,062,833
3,615,710
OPEB Trust contribution allocation
-
(1,118,557)
-
1,118,557
Net OPEB obligation, end of FY
54,666,377
$
46,160,200
$
4,520,279
$
4,062,833
$
* For FY 2015, there was a misallocation of contributions to the OPEB Trust for PEBP. This corrects the misallocation.
depending on plan.
active and retiree loss experience.
up to $(160) per month after 20 years.
From $338 per month for individual coverage
From $796 to $2,574, depending on
to $1,544 per month for family coverage,
level of coverage and subsidy earned.
Implicit subsidy through blending of
$319 per month after 5 years of service
Self-Funded/Health Plan of Nevada (HPN)
PEBP
Actuarially determined, premium sharing
Set by State Legislature.
determined by union contracts.
The Department’s net OPEB obligation is included on the Statements of Net Position under other non-
current liabilities. The Department’s annual OPEB cost, the percentage of annual cost contributed to
the plan, and the net OPEB obligations for 2016, 2015, and 2014 were as follows:
Annual
% of OPEB
Net
Year-ended
OPEB cost
cost contribution OPEB obligation
Self-funded/HPN June 30, 2014
10,673,374
$
15.8%
52,795,348
$
Self-funded/HPN June 30, 2015
10,408,090
153.0%
46,160,200
Self-funded/HPN June 30, 2016
10,585,181
19.6%
54,666,377
PEBP plan
June 30, 2014
909,679
$
25.9%
3,615,710
$
PEBP plan
June 30, 2015
613,570
209.4%
4,062,833
PEBP plan
June 30, 2016
623,893
26.7%
4,520,279
Funded status and funding progress
The funded status of the plans as of the most recent actuarial date, July 1, 2014, was as follows:
1...,71,72,73,74,75,76,77,78,79,80 82,83,84,85,86,87,88,89,90,91,...169
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