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Other Past -Employment Benefit Programs of the City of " " <br />Actuarial Valuation as of July 1, 2015 <br />Table 1 <br />The basic results of our July 1, 2015 valuation of OPEB liabilities for the City calculated under <br />GASB 45 were summarized in Section E. Those results are applied to develop the annual <br />required contribution (ARC), annual OPEB expense (ACE) and the net OPEB obligation <br />(NOO) or net OPEB asset (NOA) to be reported by the City for Its fiscal years ending June <br />30, 2016 and June 30, 2017. <br />As noted earlier in this report, the development of the ARC reflects the assumption that the <br />City will contribute at least 100% of the total ARC each year. If tftis.,understanding is incorrect <br />or if actual City contributions differ by more than an immaterial 0,i6ont, some of the results in <br />this report will need to be revised. <br />The ARC and ACE for the City's fiscal year ending June 30, 2015.were",6veloped as part of <br />the July 2013 valuation, but the financial statement for that period has not yet been finalized. <br />We have illustrated what we anticipate will be reported', for OPEB under GASB 45<as of June <br />30, 2015 and included this information in Appendix 1. We,use the net OPE,B asset projected <br />from this Appendix as the starting point for developing tli ,net OPEB asset' as of June 30, <br />2016, shown in Table 1 B. <br />The counts of active employees and,retirees shown in Table 1C a�.Ielhd same as the counts <br />of active and retired employees on the valuation datei"While we do not adjust these counts <br />between valuation dates, the liabilities and costs developed for those years already anticipate <br />the likelihood that some active employees may leave employment forfeiting benefits, some <br />may retire and elect benefits and coverage for some ofithe retired employees may cease. <br />However, because this valuation has been prepared on a closed group basis, no potential <br />future employees are included. We will incorporate any new employees in the next valuation, <br />in the same way we included new employees hired after July 2013 in this July 2015 valuation. <br />Bick 1 ore <br />