City of Oakwood, Ohio

Notes to the Required Supplementary Information

For The Year Ended December 31, 2024

The following table summarizes the adjustments necessary to reconcile the Governmental GAAP basis statements to the budgetary basis statements:

Net Change in Fund Balance
Description General Fund Health Fund
GAAP Basis $1,572,709 $861
Revenue Accruals (2,646,671) 1
Expenditure Accruals 2,851,432 4,094
Proceeds of Capital Assets (5,497) 0
Transfers (Out) (744,789) (3,630)
Encumbrances (157,484) (1,340)
Budget Basis $869,700 ($14)

Note 2 – Net Pension Liability

OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM CHANGES IN BENEFIT TERMS AND ASSUMPTIONS
Changes in assumptions:
2024-2023: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for this period.
2022: The following were the most significant changes of assumptions that affected total pension liability since the prior measurement date
  • Reduction in actuarial assumed rate of return from 7.20% to 6.90%
  • Decrease in wage inflation from 3.25% to 2.75%
  • Change in future salary increases from a range of 3.25%-10.75% to 2.75%-10.75%
2021-2020: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for this period.
2019: OPERS Board adopted a change in the investment return assumption, reducing it from 7.50% to 7.20%.
2018: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions.
2017: The following were the most significant changes of assumptions that affected total pension liability since the prior measurement date
  • Reduction in actuarial assumed rate of return from 8.00% to 7.50%
  • Decrease in wage inflation from 3.75% to 3.25%
  • Change in future salary increases from a range of 4.25%-10.02% to 3.25%-10.75%
2016-2014: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions.
74