CAFR Annual Operating Expenses, Total Pension and OPEB Liabilities
| County Of Marin |
As of and for the year ended 6/30/2018 |
| Total LiabilitiesA |
803,941,525 |
| Total Deferred Inflows of ResourcesA |
29,203,301 |
| Annual Operating ExpensesA |
555,572,010 |
| |
|
| Pension |
|
| Net Pension LiabilityB |
207,841,379 |
| Annual Pension ExpenseB |
42,997,689 |
| |
|
| Actuarial Liability |
1,981,700,000 |
| Actuarial Value of Plan Assets |
(1,719,900,000) |
| Unfunded Actuarial Liability (UAL) |
261,800,000 |
| Funded Ratio based on Actuarial Valuations |
86.8% |
| Underlying Actuarial Pension Data - Measurement DateC |
6/30/2017 |
| |
|
| Other Post-Employment Benefits (Retiree Health)D |
|
| |
|
| Total OPEB Liability (TOL)D |
370,692,000 |
| Fiduciary Net Position (FNP)D |
(84,658,000) |
| Net OPEB Liability |
286,034,000 |
| Funded Status (FNP/TOL) |
22.8% |
| |
|
| Actuarial Accrued Liability (AAL) |
370,692,000 |
| Actuarial Value of Plan Assets (Plan Assets) |
(84,626,000) |
| Unfunded Actuarial Accrued Liability (UAAL) |
286,066,000 |
| Funded Ratio (Plan Assets/AAL) |
22.8% |
| |
|
| Underlying OPEB Data - Actuarial Valuation DateE |
7/1/2017 |
| Underlying OPEB Data - Measurement Date |
6/30/2017 |
| |
|
| OPEB ExpenseD |
20,802,000 |
| |
|
| CERBT Trust BalanceF |
99,995,179 |
| |
|
A Source: Comprehensive Annual Financial Report (CAFR); Governmental activities only (excludes business-type activities)
B Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, established new financial reporting requirements for employers, and was implemented in FY 2014-15. These requirements include that, for governmental financial reporting purposes, Net Pension Liability be reflected on the employer's balance sheet along with the annual Pension Expense.
C Pension data is actuarially determined. Due to the timing of the issuance of MCERA's valuation reports, the CAFR uses the preceding year's actuarial report for financial reporting purposes.
D Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, established new financial reporting requirements for employers, and was implemented in FY 2017-18. These requirements include that, for governmental financial reporting purposes, total Net OPEB Liability be reflected on the employer's balance sheet along with the annual OPEB Expense.
E In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, an actuarial valuation is required at least biennially for OPEB plans. As such, the County conducts an actuarial valuation on OPEB every two fiscal years. If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll foward amounts from an earlier actuarial valuation.
F In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.
*Updated procedures were used to roll back the total OPEB Liability from the valuation date (7/1/17) to the prior measurement date (6/30/16)