Sarasota County, Florida Notes to Financial Statements September 30, 2023 Pension Costs At September 30, 2023, the County reported a liability of $333,342,865 for its proportionate share of the FRS Plans net pension liability. The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2023. The Countys proportion of the net pension liability was based on the Countys contributions received by FRS during the measurement period for employer payroll paid dates from July 1, 2022 through June 30, 2023, relative to the total employer contributions received from all of FRSs participating employers. At June 30, 2023, the Countys proportion was 0.8366%, which is an increase of 0.0298% from its proportion measured as of June 30, 2022 of 0.8068%. For the year ended September 30, 2023, the impact to the Countys pension expense totaled $67,065,326 for its proportionate share of FRSs pension expense. In addition, the County reported its proportionate share of FRSs deferred outflows of resources and deferred inflows of resources from the following sources: $11,741,826 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, 2024. 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: Description Deferred outflows of resources Deferred inflows of resources Differences Between Expected and Actual Economic Experience 31,298,019 $ - $ Changes in Actuarial Assumptions 21,730,053 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments 13,921,300 - Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions 8,642,452 10,576,685 County Contributions Subsequent to the Measurement Date 11,741,826 - Total 87,333,650 $ 10,576,685 $ Year Ended September 30 Amount 2024 9,102,119 $ 2025 (3,250,757) 2026 52,662,263 2027 5,201,211 2028 1,300,303 Thereafter - 142
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