Sarasota County, Florida Notes to Financial Statements September 30, 2021 Pension Costs At September 30, 2021, the County reported a liability of $62,608,674 for its proportionate share of the FRS Plan’s net pension liability. The net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2021. 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, 2020 through June 30, 2021, relative to the total employer contributions received from all of FRS’s participating employers. At June 30, 2021, the County’s proportion was 0.8288%, which is a decrease of 0.0292% from its proportion measured as of June 30, 2020 of 0.8581%. For the year ended September 30, 2021, the impact to the County’s pension expense (credit) was ($677,782) 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: Description Differences Between Expected and Actual Economic Experience Changes in Actuarial Assumptions Deferred outflows of resources $ 10,731,227 42,839,959 Deferred inflows of resources $ - - Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 218,425,927 Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions 4,230,295 13,346,807 County Contributions Subsequent to the Measurement Date 7,858,736 - Total 65,660,217 $ 231,772,734 $ $7,858,736 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, 2022. 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: Year Ended September 30 2022 2023 2024 2025 2026 Thereafter $ Amount (30,640,712) (35,729,902) (47,328,366) (60,647,989) 375,716 - 135
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