Sarasota County, Florida Notes to Financial Statements September 30, 2024 Pension Costs At September 30, 2024, the County reported a liability of $339,864,243 for its proportionate share of the FRS Plan’s net pension liability. The net pension liability was measured as of June 30, 2024, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2024. The County’s proportion of the net pension liability was based on the County’s contributions received by FRS during the measurement period for employer payroll paid dates from July 1, 2023 through June 30, 2024, relative to the total employer contributions received from all of FRS’s participating employers. At June 30, 2024, the County’s proportion was 0.8785%, which is an increase of 0.0420% from its proportion measured as of June 30, 2023 of 0.8366%. For the year ended September 30, 2024, the impact to the County’s pension expense totaled $52,540,865 for its proportionate share of FRS’s pension expense. In addition, the County reported its proportionate share of FRS’s deferred outflows of resources and deferred inflows of resources from the following sources: $12,839,923 reported as deferred outflows of resources related to pensions resulting from County contributions to the FRS Plan subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended September 30, 2025. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as an increase (decrease) in pension expense as follows: Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as an increase (decrease) in pension expense as follows: Description Deferred outflows of resources Deferred inflows of resources Differences Between Expected and Actual Economic Experience 34,335,414 $ - $ Changes in Actuarial Assumptions 46,581,501 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 22,589,146 Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions 18,362,490 7,945,573 County Contributions Subsequent to the Measurement Date 12,839,923 - Total $ 112,119,328 30,534,719 $ Year Ended September 30 Amount 2025 (6,187,022) $ 2026 65,994,899 2027 4,812,128 2028 687,447 2029 3,437,234 Thereafter - 146
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