Sarasota County, Florida Notes to Financial Statements September 30, 2021 The following presents the Sheriff’s plan total OPEB liability, calculated using a discount rate of 2.19%, as well as what the plan’s total OPEB liability would be if it were calculated using a discount rate that is one percent lower or one percent higher. Discount Rate 1% Decrease Baseline 2.19% 1% Increase Total OPEB Liability/(Asset) $ 12,752,495 $ 11,795,269 $ 10,928,695 Sensitivity of the total Net OPEB liability (asset) to changes in the healthcare cost trend rates The following presents the Net OPEB Liability (Asset) of the County, as well as what the County’s Net OPEB Liability would be if it were calculated using healthcare cost trend rates that are one percentage-point lower or one percentage-point higher that the current healthcare cost trend rates. Healthcare Cost Trend Rate Current Trend 1% Decrease Rate 1% Increase 3.00%-6.00% 4.00%-7.00% 5.00%-8.00% Net OPEB Liability/(Asset) $ (4,974,832) $ (4,747,083) $ (4,388,280) Regarding the sensitivity of the total OPEB liability to changes in the healthcare cost trend rates, the following presents the Sheriff’s plan total OPEB liability, calculated using the assumed trend rates as well as what the plan’s total OPEB liability would be if it were calculated using a trend rate that is one percent lower or one percent higher: Healthcare Cost Trend Rate Current Trend 1% Decrease Rate 1% Increase 5.25% 6.25% 7.25% Total OPEB Liability/(Asset) $ 10,453,216 $ 11,795,269 $ 13,447,228 Aggregate OPEB expense and Deferred Outflows of Resources and Deferred Inflows of Resources related to OPEB For the year ended September 30, 2021, the County will recognize OPEB expense/ (credit) of $128,388. The Sheriff Plan will recognize OPEB expense of $1,143,686. Table below shows OPEB expense and sources of deferred outflows and deferred inflows of resources related to each plan. Sarasota County Sheriff Total Plans Deferred Outflow of Resources: Difference between actual and expected experience $ 1,441,300 $ 2,596,302 $ 4,037,602 Change in actuarial assumptions 669,467 - 669,467 Changes in assumptions and other inputs - 613,803 613,803 Total $ 2,110,767 $ 3,210,105 $ 5,320,872 Deferred Inflows of Resources: Difference between actual and expected experience $ 2,824,626 $ - $ 2,824,626 Change in actuarial assumptions 1,059,232 - 1,059,232 Net difference between projected and actual earnings on OPEB plan investments 464,637 - 464,637 Changes in assumptions and other inputs - 679,363 679,363 $ 4,348,495 $ 679,363 $ 5,027,858 147
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