|
<br />12
<br />
<br />4826-7904-2280v7/200434-0005
<br />provided to the City by CalPERS in July 2021. Table 5 does not reflect the issuance of the Bonds, which are
<br />expected to reduce the amounts shown therein.
<br />TABLE 5
<br />City of Santa Ana
<br />UAL Amortization Schedule as of June 30, 2020
<br /> Miscellaneous Safety Combined
<br />2022 $ 29,148,807 $ 34,703,128 $ 63,851,935
<br />2023 30,898,987 36,979,577 67,878,564
<br />2024 32,727,869 39,338,331 72,066,200
<br />2025 34,046,021 40,894,627 74,940,648
<br />2026 35,303,571 42,380,314 77,683,885
<br />2027 36,185,206 43,031,149 79,216,355
<br />2028 31,486,132 44,084,849 75,570,981
<br />2029 32,238,766 45,167,521 77,406,287
<br />2030 33,036,124 46,279,967 79,316,091
<br />2031 29,178,006 45,006,225 74,184,231
<br />2032 28,670,434 44,655,089 73,325,523
<br />2033 26,212,150 41,890,318 68,102,468
<br />2034 25,129,140 40,851,852 65,980,992
<br />2035 23,605,068 39,120,415 62,725,483
<br />2036 20,964,180 36,057,847 57,022,027
<br />2037 19,560,738 34,851,384 54,412,122
<br />2038 18,263,942 33,164,984 51,428,926
<br />2039 17,168,497 31,958,910 49,127,407
<br />2040 16,418,467 31,361,019 47,779,486
<br />2041 9,926,795 23,688,696 33,615,491
<br />2042 5,279,597 20,532,662 25,812,259
<br />2043 2,837,097 18,731,244 21,568,341
<br />2044 -- 4,558,752 4,558,752
<br />2045 -- 1,158,319 1,158,319
<br />2046 -- 104,981 104,981
<br />Total $ 538,285,594 $ 820,552,160 $ 1,358,837,754
<br />
<br />Source: CalPERS Annual Valuation Report as of June 30, 2020.
<br />Potential Impacts on Future Required Contributions
<br />The CalPERS Board of Administration has adjusted and may in the future further adjust certain
<br />assumptions used in the CalPERS actuarial valuations, which adjustments may increase the City’s required
<br />contributions to CalPERS in future years. Accordingly, the City cannot provide any assurances that the City’s
<br />required contributions to CalPERS in future years will not significantly increase (or otherwise vary) from any
<br />past or current projected levels of contributions.
<br />Change in Assumptions / Discount Rate. On December 21, 2016, the CalPERS Board of
<br />Administration voted to lower its discount rate from the then current rate of 7.50% to 7.00% over a three-year
<br />period. The change was reflected in the June 30, 2016 actuarial report, which lowered the discount rate from
<br />7.50% to 7.375%; in the June 30, 2018 actuarial report, which lowered the discount rate from 7.375% to 7.25%;
<br />and in the June 30, 2017 actuarial report, which lowered the discount rate from 7.25% to 7.00%. The
<br />announcement on July 12, 2021 that CalPERS achieved preliminary investment returns of 21.3% could cause
<br />the CalPERS Board of Administration to lower CalPERS’ discount rate from 7.00% to 6.80% in accordance
<br />with a risk mitigation policy that was adopted in 2015, which calls for the discount rate to be lowered if returns
|