Sarasota County, Florida Notes to Financial Statements September 30, 2024 For the year ended September 30, 2024, the impact to the County’s pension expense totaled $4,741,993 for its proportionate share of HIS’s pension expense. In addition, the County reported its proportionate share of HIS’s deferred outflows of resources and deferred inflows of resources from the following sources: $1,499,055 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: Actuarial Assumptions The total pension liability in the July 1, 2023, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Mortality rates were based on the Generational PUB-2010 with Projection Scale MP-2018. The HIS program is funded on a pay as you go basis and no experience study has been completed for the program. Thus, the above actuarial assumptions that determine the total pension liability as of June 30, 2024 were based on certain results of an actuarial experience study of the FRS for the period of July 1, 2018 – June 30, 2023. Description Deferred outflows of resources Deferred inflows of resources Differences Between Expected and Actual Economic Experience 973,102 $ 193,513 $ Changes in Actuarial Assumptions 1,783,574 11,931,096 Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 36,449 Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions 4,599,017 1,276,524 County Contributions Subsequent to the Measurement Date 1,499,055 - Total 8,854,748 $ 13,437,582 $ Year Ended September 30 Amount 2025 (973,102) $ 2026 (1,216,378) 2027 (1,763,748) 2028 (1,277,197) 2029 (669,008) Thereafter (182,456) Inflation 2.40% Per year Salary Increases 3.50%, Average, Including inflation Investment Rate of Return 3.93%, Net of investment expense, Including inflation 149
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