2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

SCHEDULE OF CHANGES IN THE CITY'S OPEB LIABILITY AND RELATED RATIOS

2018

2019

2020

2021

Total OPEB Liability Service cost

$

143,652 79,747

$

164,694 77,453

$

162,381 89,919

$

212,676 80,808

Interest

Changes of benefit terms

-

-

-

-

Differenced between expected and actual experience

-

-

135,664

(11,389)

Changes of assumptions

81,560

(69,528) (85,589)

164,630 (87,621) 464,973

215,072 (88,559) 408,608

Benefit payments

(72,637) 232,322

Net change in total OPEB liability Total OPEB liability- beginning

87,030

1,985,761

2,218,083

2,305,113

2,770,086

Total OPEB liability- ending

$ 2,218,083

$ 2,305,113

$ 2,770,086

$ 3,178,694

Covered Employee Payroll

$ 12,533,653

$ 12,472,516

$ 12,982,682

$ 13,704,330

City's Total OPEB Liability as a Percentage of Covered Employee Payroll

17.70%

18.48%

21.34%

23.19%

Note: No Assets are accumulated in a trust to pay related benefits.

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