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CITY OF ELK RIVER, MINNESOTA <br />SCHEDULE OF CHANGES IN THE TOTAL OPEB <br />LIABILITY AND RELATED RATIOS <br />MUNICIPAL RETIREES HEALTH PLAN <br />DECEMBER 31, 2018 <br />2018 <br />Total OPEB Liability: <br />Service cost $ 58,939 <br />Interest 30,051 <br />Benefit payments (47,958) <br />Net change in total OPEB liability 41,032 <br />Total OPEB liability - beginning 875,478 <br />Total OPEB liability - ending (a) $ 916,510 <br />Covered payroll $ 8,658,239 <br />Total OPEB liability as a percentage of covered payroll 10.59% <br />Notes to Schedule: <br />The City implemented GASB 75 in fiscal year 2018. The schedule is provided prospectively beginning <br />with the City's fiscal year ended December 31, 2018. Additional years will be added as they become available. <br />No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75. <br />Changes in Benefit Terms: <br />There were no significant changes in benefit terms. <br />Changes in Assumptions: <br />The discount rate was changed from 3.50% to 3.30%. <br />79 <br />