Sarasota County, Florida Notes to Financial Statements September 30, 2023 Discount Rate A single discount rate of 6.85% was used to measure the total pension liability. This single discount rate was based on the expected rate of return on pension plan investments of 6.85%. The projection of cash flows used to determine this single discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on these assumptions, the pension plans fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Pension Liability Sensitivity The following presents the Countys proportionate share of the net pension liability (asset) for the City of Sarasotas Firefighters pension plan, calculated using the discount rate disclosed in the preceding paragraph, as well as what the Countys proportionate share of the net pension liability (asset) would be if it were calculated using a discount rate of one percentage point lower or one percentage point higher than the current discount rate: The pensions plans fiduciary net position detailed information is available in a separately issued financial report. This report may be obtained through https://www.sarasotafl.gov/government/city-auditor-and-clerk/pensions/firepension. Summary of Defined Benefit Pension Plans The aggregate amount of net pension liability (asset), related deferred outflows of resources and deferred inflows of resources and pension expense for the Countys defined benefit pension plans are summarized below: Net pension liabilities associated with the Florida Retirement System and Retiree Health Insurance Subsidy Program are liquidated in the individual fund to which the liability is directly associated. For the Firefighters Pension Plan, liabilities are liquidated in the emergency services special revenue fund, which captures public safety expenditures. Description 1% Decrease in discount rate Current discount rate 1% Increase in discount rate City of Sarasota Firefighter's Pension Plan Discount Rate 5.85% 6.85% 7.85% County's Proportionate Share of Firefighters pension plan Net Pension Liability (Asset) $ 24,826,870 $ 12,195,544 $ 1,569,674 Description FRS Plan HIS Plan Firefighter's Pension Plan Total Net Pension Liability (Asset) $ 333,342,865 $ 103,934,782 $ 12,195,544 $ 449,473,191 Deferred Outflows of Resources Related to Pensions 87,333,650 8,185,672 13,403,094 108,922,416 Deferred Inflows of Resources Related to Pensions 10,576,685 10,711,451 - 21,288,136 Pension Expense 67,065,326 39,431,720 2,933,567 109,430,613 149
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