NASHUA AIRPORT AUTHORITY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended June 30, 2021
Funding Policy
Per RSA-100-A:16, contribution rates are established and may be amended by the New Hampshire State
legislature and are determined by the NHRS Board of Trustees based on an actuarial valuation. The
Authority’s contribution rate for the covered payroll of employees was 0.29% for the year ended
June 30, 2021. Contributions to the OPEB plan for the Authority were $814 for the year ended June 30,
2021. Employees are not required to contribute to the OPEB plan.
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
At June 30, 2021, the Authority reported a liability of $7,214 for its proportionate share of the net OPEB
liability. The net OPEB liability was measured as of June 30, 2020, and the total OPEB liability used to
calculate the net OPEB liability was determined by a roil forward of the actuarial valuation from
June 30, 2019. The Authority's proportion of the net OPEB liability was based on actual contributions by
the Authority during the relevant fiscal year relative to the actual contributions of all participating plan
members, excluding contributions to separately finance specific liabilities of individual employers or
NHRS. At June 30, 2020, the Authority’s proportion was approximately 0.0016 percent, which was
approximately the same as its proportion measured as of June 30, 2019.
For the year ended June 30, 2021, the Authority recognized OPEB expense of $780. At June 30, 2021, the
Authority reported deferred outflows of resources and deferred inflows of resources related to OPEB from
the following sources:
Deferred Deferred
Outflows of — Inflows of
Resources Resources
Differences between expected and actual
experience $ 21
Net difference between projected and actual
eamings on OPEB plan investments $ 27
Changes of assumptions 46
Changes in proportion and differences between Authority
contributions and proportionate share of contributions 13
Authority contributions subsequent to the
measurement date 814
Totals $ 900 $ 21
The net amount of deferred outflows of resources and deferred inflows of resources related to OPEB is
reflected as an increase to unrestricted net position in the amount of $879. The Authority reported $814 as
deferred outflows of resources related to OPEB resulting from Authority contributions subsequent to the
measurement date. This amount will be recognized as a reduction of the net OPEB liability in the
measurement period ended June 30, 2021. Other amounts reported as deferred outflows of resources and
deferred inflows of resources related to OPEB will be recognized in OPEB expense for the measurement
periods as follows:
146
