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Director says agency missed OPEB payment, plans to make it next month
Summary
The director disclosed the authority failed to make a fiscal-year OPEB payment, said staff will make that payment next month, and said he has contacted the OPEB contractor but is unsure whether additional penalties apply.
Director Tim told the board he discovered the authority did not make last fiscal year's OPEB (other post-employment benefits) payment and said the agency plans to make the payment next month. "I failed to make the OPEB payment last fiscal year, and so we're going to be trying to make that next month," Tim said.
Tim explained the OPEB payment process and that annual actuarial calculations determine the required contribution; he said the agency budgeted the payment but delayed it because revenue projections were behind earlier in the year. Board members asked whether penalties apply; Tim said he had reached out to the OPEB contractor but had not yet received confirmation of any additional penalty.
