Sarasota County, Florida Notes to Financial Statements September 30, 2023 Interest rate risk disclosures are required for all debt investments as well as investments in mutual funds, external investment pools, and other pooled investments that do not meet the definition of an external investment pool set forth in GASB No. 79. Fair Value Measurement The County and the OPEB trust fund categorize fair value measurements within the fair value hierarchy established by generally accepted accounting principles. Investments are reported at fair value other than those using Net Asset Value (NAV) or amortized cost. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value determination, other than those measured using the NAV as a practical expedient, are made based upon a hierarchy that prioritizes the inputs to valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 Inputs are directly observable, quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs are derived from or corroborated by observable market data through correlation or by other means. Level 3 Inputs to the valuation methodology are unobservable inputs in situations where there is little or no market activity for the asset or liability, and the reporting entity makes estimates and assumptions related to the pricing of the asset or liability including assumptions regarding risk. These inputs are used only when relevant Level 1 and Level 2 inputs are unavailable The OPEB trust fund had the following recurring fair value measurements comprised of investments as of September 30, 2023: The fair values of the commingled equity and bond funds have been determined using the NAV per share or its equivalent of the investments as provided by the FMIvT administrator. Fixed Income Fund Modified Duration WAM FMlvT Broad Market High Quality Bond Fund 5.58 6.90 FMlvT Core Plus Fixed Income Fund 6.80 8.03 FMlvT Interest Rate Risk in Years Investments by Fair Value Level Total Fair Value 9/30/2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) External Investment Pool FMIvT Funds: Broad Market High Quality Bonds $ 1,303,057 $ - $ 1,303,057 $ - Core Plus Fixed Income 1,283,214 - 1,283,214 - Diversified Large Cap 1,541,181 - 1,541,181 - Diversified Small to Mid Cap 423,328 - 423,328 - International Equity 1,117,851 - 1,117,851 - Core Real Estate 932,645 - - 932,645 Total Investments by Fair Value Level $ 6,601,276 $ - $ 5,668,631 932,645 Investments at Amortized Cost Cash & Cash Equivalents 13,229 $ Total Investments at Cost 13,229 $ Grand Total Cash & Investments 6,614,505 $ 103
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