Exhibit_C_-_City_of_Clearwater_GASB_75_OPEB_Roll-Forward_Report_-_FYE_9-30-2025.pdf

October 22, 2025

Mr. Brian Jay Ravins Finance Director Finance Department P.O. Box 4748 Clearwater, FL 33758‐4748

Re: GASB Statement No. 75: Other Post‐Employment Benefits (OPEB) Actuarial Roll‐forward for Fiscal Year Ending September 30, 2025

Dear Mr. Ravins:

Gabriel, Roeder, Smith & Company (GRS) has been engaged by the City of Clearwater, Florida (the City) to perform an Actuarial Roll‐forward of its Other Post‐Employment Benefits (OPEB) provided to the City’s retiring employees. We are pleased to present the results herein.

This report provides information on behalf of the City in connection with the Governmental Accounting Standards Board (GASB) Statement No. 75 “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.” This information is intended to assist in preparation of the financial statements of the City. Financial statements are the responsibility of management, subject to the auditor’s review. Please let us know if the auditor recommends any changes.

The calculation of the liability associated with the benefits described in this report was performed for the purpose of satisfying the requirements of GASB Statement No. 75. The calculation of the plan’s liability for this report is not applicable for funding purposes of the City’s OPEB plan. A calculation of the plan’s liability for purposes other than satisfying the requirements of GASB Statement No. 75 may produce significantly different results. This report may be provided to parties other than the City in its entirety and only with their permission. GRS is not responsible for unauthorized use of this report.

Our actuarial calculations for this report were prepared for the purpose of complying with the requirements of GASB Statement No. 75. These calculations have been made on a basis that is consistent with our understanding of this Statement.

The actuarial valuation of the liabilities was determined as of January 1, 2024 (based on the actuarial valuation results as reported in the January 1, 2024 actuarial valuation report dated October 25, 2024) and “rolled‐forward” to the September 30, 2025 measurement date. These liabilities are used for GASB Statement No. 75 reporting for the reporting period ending September 30, 2025. If significant changes occur during the year, such as benefit changes or changes in assumptions or methods, these should be noted in the footnotes.

This report is based upon information furnished to us by the City for the January 1, 2024 actuarial valuation as well as certain information through September 30, 2025. This information was checked for internal consistency, but it was not audited. We are not responsible for the accuracy or completeness of the information provided by the City.

The calculations are based upon plan provisions and assumptions regarding future events, which may or may not materialize. These provisions and assumptions are presented in the January 1, 2024 actuarial valuation report dated October 25, 2024, with the exception of the revisions described in this report. If you have reason to believe that the assumptions that were used are unreasonable, that the plan provisions are incorrectly described, that important relevant plan provisions are not described, or that conditions have changed since the calculations were made, you should contact the author of this report prior to relying on information in the report.

This report complements the January 1, 2024 actuarial valuation report dated October 25, 2024, and information herein should be considered along with the information from that report, especially for additional discussions of the nature of actuarial calculations and for more information related to participant data, economic, demographic, health care trend and morbidity assumptions, and benefit provisions. All actuarial assumptions used are reasonable for the purposes of the valuation. All actuarial assumptions and methods used in the valuation follow the guidance in the applicable Actuarial Standards of Practice. Additional information about the actuarial assumptions is included in the section of that report entitled Actuarial Assumptions and Method.

Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions;

increases or decreases expected as part of the natural operation of the methodology used for these measurements; and changes in plan provisions or applicable law. The scope of this report does not include an analysis of the potential range of such future measurements.

This report was prepared using our proprietary valuation model and related software which in our professional judgment has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. We performed tests to ensure that the model reasonably represents that which is intended to be modeled.

This report has been prepared by actuaries who have substantial experience valuing public post‐ employment benefit programs. To the best of our knowledge, the information contained in this report is accurate and fairly represents the actuarial position of the plan as of the valuation date.

All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board, and with applicable statutes.

Nicolas Lahaye and Travis N. Robinson are Members of the American Academy of Actuaries (MAAA). These actuaries meet the Academy’s Qualification Standards to render the actuarial opinions contained herein.

The signing actuaries are independent of the plan sponsor.

We will be pleased to answer any questions pertaining to this report.

Respectfully submitted, GABRIEL, ROEDER, SMITH & COMPANY

Nicolas Lahaye, FSA, EA, MAAA, FCA Travis N. Robinson, ASA, EA, MAAA, FCA Consultant & Actuary Senior Analyst & Actuary

City of Clearwater OPEB for FYE 9/30/2025 4

Executive Summary

Actuarial Valuation Date January 1, 2024

Measurement Date of the Total OPEB Liability September 30, 2025

Employer's Fiscal Year Ending Date (Reporting Date) September 30, 2025

Membership as of the Actuarial Valuation Date

Number of

‐ Retirees and Beneficiaries 536

‐ Inactive, Nonretired Members 91

‐ Active Members 1,622

‐ Total 2,249

Covered‐Employee Payroll 136,674,447$

Total OPEB Liability

Total OPEB Liability 20,357,396$

Total OPEB Liability as a Percentage of Covered‐Employee Payroll 14.89 %

Development of the Single Discount Rate

Long‐Term Municipal Bond Rate* 4.90 %

Total OPEB Expense (658,362)$

Summary of Deferred Outflows and Deferred Inflows of Resources by Source

Deferred

Outflows of Resources

Deferred

Inflows of Resources

Difference between expected and actual experience 0$ 6,102,343$

Changes in assumptions and other inputs 0 3,495,171

Total 0$ 9,597,514$

*Source: Bond Buyer 20‐Bond GO Index as of September 25, 2025. The "20‐Bond GO Index" is based on 20 general obligation municipal bonds maturing in 20 years with mixed quality. In describing this index, the Bond Buyer website notes that the bonds' average credit quality is roughly equivalent to Moody's

Investors Service's Aa2 rating and Standard & Poor's Corp.'s AA.

City of Clearwater OPEB for FYE 9/30/2025 5

Schedule of Changes in Total OPEB Liability and Related Ratios Measurement Year Ended September 30, 2025

(Ultimately 10 Years Will Be Displayed)

Measurement Year Ended September 30, 2025 2024 2023 2022 2021 2020 2019 2018

A. Total OPEB Liability

1. Service cost 1,874,400$ 1,672,642$ 1,688,573$ 2,412,125$ 2,213,247$ 2,282,038$ 1,677,787$ 1,731,394$

2. Interest on the Total OPEB Liability 855,230 1,173,208 1,063,683 645,528 662,501 953,389 1,086,906 974,551

3. Changes of benefit terms 0 36,283 0 0 0 28,595 0 0

4. Difference between expected and actual experience of the Total OPEB Liability 0 (4,896,063) 0 (5,128,309) 0 (4,646,689) 0 0

5. Changes in assumptions and other inputs (2,083,823) (572,816) (545,424) (1,481,029) (120,728) (4,692,393) 4,006,356 (1,029,325)

6. Benefit payments (912,020) (912,524) (1,139,984) (912,692) (1,022,036) (1,048,358) (1,122,335) (1,054,805)

7. Net change in Total OPEB Liability (266,213)$ (3,499,270)$ 1,066,848$ (4,464,377)$ 1,732,984$ (7,123,418)$ 5,648,714$ 621,815$

8. Total OPEB Liability – Beginning 20,623,609 24,122,879 23,056,031 27,520,408 25,787,424 32,910,842 27,262,128 26,640,313

9. Total OPEB Liability – Ending 20,357,396$ 20,623,609$ 24,122,879$ 23,056,031$ 27,520,408$ 25,787,424$ 32,910,842$ 27,262,128$

B. Covered‐Employee Payroll 136,674,447$ 125,786,564$ 115,695,892$ 110,228,154$ 101,205,829$ 99,272,204$ 95,520,530$ 92,964,945$

C. Total OPEB liability as a percentage of Covered‐Employee Payroll 14.89% 16.40% 20.85% 20.92% 27.19% 25.98% 34.45% 29.33%

City of Clearwater OPEB for FYE 9/30/2025 6

Notes to Schedule of Change in Total OPEB Liability and Related Ratios

Valuation Date: January 1, 2024

Measurement Date: September 30, 2025

Roll Forward Procedures The Total OPEB Liability was rolled forward 21 months from the Valuation Date to the Measurement Date using standard actuarial techniques.

Methods and Assumptions Used to Determine Total OPEB Liability:

Actuarial Cost Method Entry Age Normal

Inflation 2.50%

Discount Rate 4.90%

Salary Increases Salary increase rates used in the January 1, 2024 actuarial valuation of the City of

Clearwater Employees' Pension Plan.

Retirement Age Retirement rates used in the January 1, 2024 actuarial valuation of the City of

Clearwater Employees' Pension Plan.

Mortality Mortality rates are the same as used in the July 1, 2023 actuarial valuation of the

Florida Retirement System for non‐K‐12 Instructional Regular Class and Special Risk

Class members. These rates were taken from adjusted Pub‐2010 mortality tables published by the Society of Actuaries with generational mortality improvements using Scale MP‐2018. Adjustments to referenced tables are based on the results of a statewide experience study covering the period 2013 through 2018.

Healthcare Cost Trend Rates Based on the Getzen Model, with trend starting at 6.00% and gradually decreasing to an ultimate trend rate of 4.00%.

Aging factors Based on the 2013 SOA Study "Health Care Costs ‐ From Birth to Death".

Expenses Administrative expenses are included in the per capita health costs.

Other Information:

Notes The following assumption change has been reflected in the Schedule of Changes in the Total OPEB Liability for the measurement period ending September 30, 2025:

‐The discount rate was changed from 3.88% as of the beginning of the measurement period to 4.90% as of September 30, 2025.

There were no benefit changes during the year.

City of Clearwater OPEB for FYE 9/30/2025 7

Statement of OPEB Expense Employer Fiscal Year Ended September 30, 2025

(Based on Measurement Year Ended September 30, 2025)

OPEB Expense

1. Service Cost 1,874,400$

2. Interest on the Total OPEB Liability 855,230

3. Current‐Period Benefit Changes 0

4. OPEB Plan Administrative Expense 0

5. Recognition of Outflow/(Inflow) of Resources due to Liabilities (3,387,992)

6. Total OPEB Expense (658,362)$

Recognition of Deferred Outflows and Inflows of Resources

Differences between expected and actual experience and changes in assumptions are recognized in OPEB expense using a systematic and rational method over a closed period equal to the average of the expected remaining service lives of all employees that are provided with OPEB through the OPEB plan (active employees and inactive employees) determined as of the beginning of the measurement period.

At the beginning of the current measurement period, the average of the expected remaining service lives for purposes of recognizing the applicable deferred outflows and inflows of resources established in the current measurement period is 7.1 years.

City of Clearwater OPEB for FYE 9/30/2025 8

Statement of Outflows and Inflows Arising from Current Reporting Period

(Based on Measurement Year Ended September 30, 2025)

Outflows/(Inflows) of Resources due to Liabilities

1. Difference between expected and actual experience of the Total OPEB Liability

(gains) or losses 0$

2. Changes in assumptions and other inputs (gains) or losses (2,083,823)$

3. Recognition period for Liabilities: Average of the expected remaining service lives of all employees {in years} 7.1

4. Outflow/(Inflow) of Resources to be recognized in the current OPEB expense for the difference between expected and actual experience of the Total OPEB Liability (1 ÷ 3) 0$

5. Outflow/(Inflow) of Resources to be recognized in the current OPEB expense for changes in assumptions and other inputs (2 ÷ 3) (293,496)$

6. Outflow/(Inflow) of Resources to be recognized in the current OPEB expense due to Liabilities (4 + 5) (293,496)$

7. Deferred Outflow/(Inflow) of Resources to be recognized in future OPEB expenses for the difference between expected and actual experience of the Total OPEB Liability (1 ‐ 4) 0$

8. Deferred Outflow/(Inflow) of Resources to be recognized in future OPEB expenses for changes in assumptions and other inputs (2 ‐ 5) (1,790,327)$

9. Deferred Outflow/(Inflow) of Resources to be recognized in future OPEB expenses due to Liabilities (7 + 8) (1,790,327)$

City of Clearwater OPEB for FYE 9/30/2025 9

Statement of Outflows and Inflows Arising from Current and Prior Reporting Periods

Employer Fiscal Year Ended September 30, 2025 (Based on Measurement Year Ended September 30, 2025)

Outflows Inflows Net Inflows of Resources of Resources of Resources

1. Differences between expected and actual experience 0$ 2,109,972$ (2,109,972)$

2. Changes in assumptions and other inputs 129,240 1,407,260 (1,278,020)

3. Total 129,240$ 3,517,232$ (3,387,992)$

Deferred Outflows Deferred Inflows Net Deferred Inflows of Resources of Resources of Resources

1. Differences between expected and actual experience 0$ 6,102,343$ (6,102,343)$

2. Changes in assumptions and other inputs 0 3,495,171 (3,495,171)

3. Total 0$ 9,597,514$ (9,597,514)$

Year Ending Net Deferred Inflows

September 30 of Resources

2026 (2,641,697)$

2027 (2,054,451)

2028 (2,040,247)

2029 (1,202,441)

2030 (1,040,218)

Thereafter (618,460)

Total (9,597,514)$

B. Deferred Outflows and Deferred Inflows of Resources by Source to be Recognized in Future OPEB Expenses

C. Deferred Outflows and Deferred Inflows of Resources by Year to be Recognized in Future OPEB Expenses

A. Outflows and Inflows of Resources by Source to be Recognized in Current OPEB Expense

City of Clearwater OPEB for FYE 9/30/2025 10

Statement of Remaining Deferred Outflows and Inflows of Resources

(Based on Measurement Year Ended September 30, 2025)

Date Recognition Original Years

Amount

Unrecognized

Amount

Recognized in

Amount

Deferred to

Established Source Period (years) Amount Remaining Beg. of Period Current Expense Future Periods

9/30/2019 Assumption Changes 6.2 $4,006,356 0.2 $129,240 $129,240 $0

SUBTOTAL: 4,006,356 129,240 129,240 0

9/30/2020 Assumption Changes 6.4 (4,692,393)$ 1.4 (1,026,463)$ (733,186)$ (293,277)$

9/30/2020 Liability Experience 6.4 (4,646,689) 1.4 (1,016,464) (726,045) (290,419)

9/30/2021 Assumption Changes 6.8 (120,728) 2.8 (49,712) (17,754) (31,958)

9/30/2022 Assumption Changes 7.1 (1,481,029) 4.1 (855,241) (208,596) (646,645)

9/30/2022 Liability Experience 7.1 (5,128,309) 4.1 (2,961,418) (722,297) (2,239,121)

9/30/2023 Assumption Changes 7.1 (545,424) 5.1 (391,784) (76,820) (314,964)

9/30/2024 Assumption Changes 7.4 (572,816) 6.4 (495,408) (77,408) (418,000)

9/30/2024 Liability Experience 7.4 (4,896,063) 6.4 (4,234,433) (661,630) (3,572,803)

9/30/2025 Assumption Changes 7.1 (2,083,823) 7.1 (2,083,823) (293,496) (1,790,327)

SUBTOTAL: (24,167,274) (13,114,746) (3,517,232) (9,597,514)

GRAND TOTAL: (20,160,918)$ (12,985,506)$ (3,387,992)$ (9,597,514)$

Deferred Outflows of Resources

Deferred Inflows of Resources

City of Clearwater OPEB for FYE 9/30/2025 11

Discount Rate

For plans that do not have formal assets, the discount rate should equal the tax‐exempt municipal bond rate based on an index of 20‐year general obligation bonds with an average AA credit rating as of the measurement date. For the purpose of this actuarial roll‐forward, the municipal bond rate is 4.90% (based on the daily rate closest to but not later than the measurement date of the Bond Buyer “20‐Bond GO Index”). The discount rate used as of the beginning of the measurement year was 3.88%.

Plan Assets

There are no plan assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75.

Summary of Membership Information

The following table provides a summary of the number of participants in the plan as of January 1, 2024 (the latest valuation date):

Inactive Plan Members or Beneficiaries Currently Receiving Benefits 536

Inactive Plan Members Entitled to But Not Yet Receiving Benefits 91

Active Plan Members 1,622

Total Plan Members 2,249

City of Clearwater OPEB for FYE 9/30/2025 12

Sensitivity of Total OPEB Liability to the Discount Rate Assumption

Regarding the sensitivity of the total OPEB liability to changes in the discount rate, the following presents the plan’s total OPEB liability, calculated using a discount rate of 4.90%, as well as what the plan’s total OPEB liability would be if it were calculated using a discount rate that is one percent lower or one percent higher:

Current Discount

1% Decrease Rate Assumption 1% Increase

3.90% 4.90% 5.90%

$ 22,317,940 $ 20,357,396 $ 18,576,285

Sensitivity of Total OPEB Liability to the Healthcare Cost Trend Rate Assumption

Regarding the sensitivity of the total OPEB liability to changes in the healthcare cost trend rates, the following presents the plan’s total OPEB liability, calculated using the assumed trend rates as well as what the plan’s total OPEB liability would be if it were calculated using a trend rate that is one percent lower or one percent higher:

Current Healthcare Cost

1% Decrease Trend Rate Assumption 1% Increase

$ 17,734,745 $ 20,357,396 $ 23,564,432