2019 2020 2021 2022 Total OPEB Liability Changes for the Year: Service Cost 330,269 $ 566,526 $ 643,861 $ 566,361 $ Interest 238,079 261,758 231,221 262,641 Changes of Benefit Term 8,131,607 - - - Assumption Changes and Difference Between Actual and Expected Experience - - 2,855,932 - Changes in Assumptions and Other Inputs 852,948 (230,916) (540,770) (1,819,688) Benefit Payments (347,354) (507,222) (690,670) (737,752) Net Change in Total OPEB Liability 9,205,549 90,146 2,499,574 (1,728,438) Total OPEB Liability - Beginning - 9,205,549 9,295,695 11,795,269 Total OPEB Liability - Ending (a) $ 9,205,549 $ 9,295,695 $ 11,795,269 $ 10,066,831 Covered-employee payroll $ 56,692,000 $ 66,835,592 $ 58,233,279 $ 64,451,847 Total OPEB liability as a percentage of covered payroll 16.24% 13.91% 20.26% 15.62% Notes to Schedule: Assumption Changes: Sarasota County, Florida Schedule of Changes in the Sheriff's Total OPEB Liability and Related Ratios For the Year Ended September 30, 2022 Note: Effective January 1, 2019, the Sheriff established a fully-insured group health plan intended to provide medical and prescription benefits to current and retired employees of the Sheriff. Prior to January 1, 2019, employees and retirees were covered under the County’s comprehensive health plan. Furthermore, it was determined that assets accumulating in the trust vehicle administered by the County are not available to pay post-employment benefits of the Sheriff’s retirees. As such, benefits provided to Sheriff’s retirees are considered to constitute a separate unfunded OPEB plan. Note: Information is required to be presented for 10 years. However, until a full 10-year trend is compiled, the County will present information for only those years for which information is available. The discount rate was changed from 2.19% as of the beginning of the measurement period to 4.40% as of September 30, 2022 (based on the Long-Term Municipal Bond rate). Assumed ultimate rate of inflation was remained at 2.25% and the healthcare cost trend assumption was revised acording to the Getzen Model from 6.25% to 6.00%. 163
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