Sarasota County, Florida Notes to Financial Statements September 30, 2021 Sarasota County OPEB plan investments The primary asset classes include: Portfolio Amount in Trust as of: Asset Class Allocation October 1 ,2021 Cash 0.20% $ 18,292 Broad Market High Quality Bonds 20.70% 1,893,240 Core Plus Fixed Income 20.80% 1,902,386 Diversified Large Cap 21.90% 2,002,992 Diversified Small to Mid Cap 10.40% 951,193 International Equity 18.10% 1,655,442 Core Real Estate 7.90% 722,541 100.00% $ 9,146,086 The annual money- weighted average return on investments through September 30, 2021 was 16.31%. The County’s Board of County Commissioners is the Governing Body that can make changes in the fund choices or allocations. Receivables As of September 30, 2021 no amounts were due to the trust. Total OPEB liability The County’s total OPEB liability was measured as of September 30, 2021, and was determined by an actuarial valuation as of September 30, 2020, updated to September 30, 2021. The Sheriff’s total OPEB liability was measured as of September 30, 2021 and was determined by an actuarial valuation as of September 30, 2020. Sarasota County actuarial assumptions and other inputs The total OPEB liability in the actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation Rate 2.50% Salary Increase Rate(s) Varies by service Discount Rate 7.00% Initial Trend Rate 7.00% Ultimate Trend Rate 4.00% Years to Ultimate 54 Investment Rate of Return 7.00% The valuation assumes a discount rate of 7.00% per annum, compounded annually, net of investment expenses. All mortality rates were based on the Pub-2010 mortality tables with fully generational improvement using Scale MP-2018. Rates are based on those outlined in Milliman’s July 1, 2019 Florida Retirement System (FRS) valuation report. Sheriff’s Actuarial assumptions and other inputs Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. 145
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