Sarasota County, Florida Notes to Financial Statements September 30, 2023 Pension Costs At September 30, 2023 the County reported a liability (asset) of 12,195,544 for its proportionate share of the City of Sarasota Firefighter’s Pension Plan’s net pension liability (asset). The net pension liability (asset) was measured as of September 30, 2022, and the total pension liability (asset) used to calculate the net pension liability (asset) was determined by an actuarial valuation as of September 30, 2022. The County’s proportion of the net pension liability is 67%. For the year ended September 30, 2023, the impact to the County’s pension expense (credit) was $2,933,567 for its proportionate share of the City of Sarasota Firefighter’s Pension Plan expense. In addition, the County reported its proportionate share of deferred outflows of resources and deferred inflows of resources from the following sources: The $1,233,179 reported as deferred outflows related to pensions resulting from County contributions 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 a decrease (increase) in pension expense as follows: Actuarial Assumptions The total pension liability in the September 30, 2022 actuarial valuation was determined using the following actuarial assumptions applied to all periods included in the measurement: Description Deferred outflows of resources Deferred inflows of resources Net Difference Between Projected and Actual Earnings on Pension Plan Investments 12,169,915 $ - $ County Contributions Subsequent to the Measurement Date 1,233,179 - Total 13,403,094 $ - $ Year Ended September 30, Amount 2024 3,492,147 $ 2025 2,381,814 2026 1,732,884 2027 4,563,070 Actuarial cost method Entry Age Normal Amortization method Level Dollar, Closed Remaining amortization period 2 years beginning October 1, 2021 Asset valuation method 3-Year smoothed market Inflation NA Salary increases NA Investment rate of return 6.85% Retirement age NA Mortality The Florida Retirement System (FRS) mortality tables which use variations of the fully generational Pub-2010 Mortality Tables with improvement scale MP-2018. 148
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