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Executive Summary I' <br /> This report has been prepared for the City of Pequot Lakes,for the fiscal year ending I <br /> December 31,2018,to assist in complying with the reporting and disclosure requirements under <br /> GASB Statement 75. <br /> Summary of Results <br /> The results below assume an initial implementation date under GASB 75 for the fiscal year ending <br /> December 31,2018. The discount rate is based on the estimated yield of 20-Year AA-rated <br /> municipal bonds. The overall single discount rate is 3.30'�. <br /> OPEB benefits have historically been funded on a pay-as-you-go basis(PAYGO). Under GASB 75, <br /> plan sponsors may set up a trust and pre-fund the benefits. There is no requirement to pre-fund <br /> benefits under GASB 75. However,continuing on a PAYGO basis will create a Total OPEB Liabil'rty <br /> (TOL)on the balance sheet. Results throughout the report assume continued funding under PAYGO. ', <br /> � � � . . . _ _ _ . _ .. _ _ r� , , <br /> 1. Liabilities as of 01/01/2018 <br /> a. Total OPEB Liability(TOL) $ 117,983 <br /> b. Valuation Salary 680,619 <br /> c. TOL as%of Payroll,a./b. 17% <br /> 2. Annual Costs for the Year Beginning 01/01/2018 <br /> a. Estimated Pay-as-you-go Cost(PAYGO) $ 270 <br /> b. OPEB Expense Under GASB 75 30,527 <br /> 3. Discount Rate 3.30% <br /> Key Dates <br /> The results presented in this report are based on a January 1,2018 valuation date. GASB 75 allows <br /> the use of a valuation date that is up to 30 months and one day prior to the most recent�scal year <br /> end. <br /> Valuation Date January 1,2018 <br /> Measurement Date January 1,2018 i <br /> Reporting Date December 31,2018 , <br /> City of Pequot Lakes <br /> Page 4 <br />