Sarasota County, Florida Notes to Financial Statements September 30, 2023 The Countys Board of County Commissioners is the Governing Body that can make changes in the fund choices or allocations. Receivables As of September 30, 2023 no amounts were due to the trust. Total OPEB liability The Countys total OPEB liability was measured as of September 30, 2023, and was determined by an actuarial valuation as of September 30, 2022, updated to September 30, 2023. The Sheriffs total OPEB liability was measured as of September 30, 2023 and was determined by an actuarial valuation as of September 30, 2022. Sarasota County actuarial assumptions and other inputs The total OPEB liability in the actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: The valuation assumes a discount rate of 7.00% per annum, compounded annually, net of investment expenses. All mortality rates were based on the Pub-2010 mortality tables with fully generational improvement using Scale MP-2018. Rates are based on those outlined in Millimans July 1, 2021 Florida Retirement System (FRS) valuation report. Sheriffs Actuarial assumptions and other inputs Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. Calculations for financial reporting purposes are based on the benefits provided under terms of the plan as understood by the employer and the plan members in effect at the time of each valuation and on the pattern of sharing of costs between the employer and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations on the pattern of cost sharing between the employer and plan members in the future. Actuarial calculations reflect a long-term perspective. Consistent with that perspective, actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets. 152
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