Sarasota County, Florida Notes to Financial Statements September 30, 2022 Changes in the Net OPEB liability (asset) Sensitivity of the total Net OPEB liability (asset) to changes in the discount rate The following presents the Net OPEB Liability (Asset) of the County, as well as what the County’s Net OPEB Liability (Asset) would be if it were calculated using a discount rate that is one percentage-point lower or one percentage-point higher than the current discount rate. The following presents the Sheriff’s plan total OPEB liability, calculated using a discount rate of 4.40%, 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. Sensitivity of the total Net OPEB liability (asset) to changes in the healthcare cost trend rates The following presents the Net OPEB Liability (Asset) of the County, as well as what the County’s Net OPEB Liability would be if it were calculated using healthcare cost trend rates that are one percentage-point lower or one percentage-point higher that the current healthcare cost trend rates. Sheriff Total OPEB Fiduciary Net Net OPEB Total OPEB Liability Position Liability (Asset) Liability Balance at September 30, 2021 $ 4,399,002 $ 9,146,086 $ (4,747,084) $ 11,795,269 Changes recognized for the measurement period: Service cost 50,370 - 50,370 566,361 Interest 285,005 - 285,005 262,641 Changes in actuarial assumptions - - - (1,819,688) Employer contributions - - - - Net investment income - (1,206,498) 1,206,498 - Benefit payments (755,756) - (755,756) (737,752) Administrative expenses - - - - Net changes (420,381) (1,206,498) 786,117 (1,728,438) Balance at September 30, 2022 $ 3,978,621 $ 7,939,588 $ (3,960,967) $ 10,066,831 Sarasota County 1% Decrease Baseline 7.00% 1% Increase Net OPEB Liability/(Asset) (3,646,404) $ (3,960,967) $ (4,154,767) $ Discount Rate 1% Decrease Baseline 4.40% 1% Increase Total OPEB Liability/(Asset) $ 10,840,306 $ 10,066,831 $ 9,363,239 Discount Rate 1% Decrease Current Trend Rate 1% Increase 3.00%-6.00% 4.00%-7.00% 5.00%-8.00% Net OPEB Liability/(Asset) (4,205,874) $ $ (3,960,967) (3,572,590) $ Healthcare Cost Trend Rate 151
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