Sarasota County, Florida Schedule of Changes in the Sheriff's Net OPEB Liability and Related Ratios For the Year Ended September 30, Total OPEB Liability Changes for the Year: Service Cost Interest Changes of Benefit Term Assumption Changes and Difference Between Actual and Expected Experience Changes in Assumptions and Other Inputs Benefit Payments Net Change in Total OPEB Liability Total OPEB Liability - Beginning Total OPEB Liability - Ending (a) Covered payroll Total OPEB liability as a percentage of covered payroll 2019 2020 $ 330,269 $ 566,526 238,079 261,758 8,131,607 - - - 852,948 (230,916) (347,354) (507,222) 9,205,549 90,146 - 9,205,549 $ 9,205,549 $ 9,295,695 $ 56,692,000 $ 66,835,592 16.24% 13.91% $ $ $ 2021 643,861 231,221 - 2,855,932 (540,770) (690,670) 2,499,574 9,295,695 11,795,269 58,233,279 20.26% Notes to Schedule: Assumption Changes: The discount rate was changed from 2.41% as of the beginning of the measurement period to 2.19% as of September 30, 2021 (based on the Long-Term Municipal Bond rate). Assumed ultimate rate of inflation was revised from 2.5% to 2.25% and the healthcare cost trend assumption was revised to reflect that change. Note: Information is required to be presented for 10 years. However, until a full 10-year trend is compiled, the County will present information for only those years for which information is available. Note: Effective January 1, 2019, the Sheriff established a fully-insured group health plan intended to provide medical and prescription benefits to current and retired employees of the Sheriff. Prior to January 1, 2019, employees and retirees were covered under the County’s comprehensive health plan. Furthermore, it was determined that assets accumulating in the trust vehicle administered by the County are not available to pay post-employment benefits of the Sheriff’s retirees. As such, benefits provided to Sheriff’s retirees are considered to constitute a separate unfunded OPEB plan. 318
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