2017 2018 2019 2020 Total OPEB Liability Changes for the Year: Service Cost $ 379,984 $ 260,639 $ 135,765 40,830 $ Interest 624,655 487,906 303,173 310,585 Assumption Changes and Difference Between Actual and Expected Experience (1,258,422) (2,012,326) 1,058,366 - Change in Actuarial Assumptions (60,817) (253,358) 1,049,022 98,034 Other - 72,743 - - Changes of Benefit Terms - - (4,069,094) - Benefit Payments (203,897) (175,706) (347,774) (734,493) Net Change in Total OPEB Liability (518,497) (1,620,102) (1,870,542) (285,044) Total OPEB Liability - Beginning 8,509,152 7,990,655 6,370,553 4,500,011 Total OPEB Liability - Ending (a) 7,990,655 6,370,553 4,500,011 4,214,967 Plan Fiduciary Net Position Contributions Employer 1,051,588 1,496,906 2,659,286 1,757,754 Net Investment Income 709,453 393,027 408,666 473,655 Benefit Payments (1,051,588) (1,496,906) (2,659,286) (1,757,754) Administrative Expenses (6,657) (7,271) (7,503) (7,837) Net Change in Plan Fiduciary Net Position 702,796 385,756 401,163 465,818 Plan Fiduciary Net Position - Beginning 5,917,381 6,620,177 7,005,933 7,407,096 Plan Fiduciary Net Position - Ending (b) 6,620,177 7,005,933 7,407,096 7,872,914 Net OPEB liability (asset) - Ending (a) - (b) $ 1,370,478 (635,380) $ $ (2,907,085) $ (3,657,947) Covered payroll $ 191,691,830 $ 179,958,805 $ 144,912,549 $ 151,868,352 Total OPEB liability (asset) as a percentage of covered payroll 4.44 3.54 % 3.11 % 2.78 Funded Ratio 69.54% 105.28% 164.60% 186.78% 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. Sarasota County, Florida For the Year Ended September 30, 2022 Schedule of Changes in the County's Net OPEB Liability and Related Ratios 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. 328
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