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OPEB trust shows roughly $2 million drop at fiscal year end; staff to investigate
Summary
Board members were told an OPEB monthly snapshot showed a decline of about $2 million between fiscal-year opening and June; staff said a full year-end recap is pending and will be reported back to the board.
Portsmouth's board received a brief update that the Other Post-Employment Benefits (OPEB) trust declined by roughly $2 million at the fiscal year end in June, and staff said they would bring a full year-end report.
A board member flagged that the OPEB account appeared to have fallen from about $11 million to about $9 million at the June close. Staff described that the monthly packet available to the board contains only limited line-item detail and said the movement could reflect month-to-month accounting marks or valuation changes rather than cash losses.
Staff said the trust is not being used to pay benefits at this time; the city continues to pay benefits while also making contributions to the OPEB account. The portfolio was described as roughly a 70/30 mix of equities and fixed income, similar in construction to the retirement plan.
Presenters said they expected to receive the comprehensive year-end report within about 30 days and would report back to the board after reviewing the full statements and talking with the portfolio manager about the cause of the decline.
No board action was taken; the item was presented as an informational update.
