Sarasota County, Florida Notes to Financial Statements September 30, 2023 The actuarial methods are: Mortality rates are the same as used in the July 1, 2021 actuarial valuation of the Florida Retirement system for non-K-12 Instructional Regular Class and Special Risk Class members. These rates were taken from adjusted Pub-2010 mortality tables published by the Society of Actuaries with generational mortality improvements using Scale MP-2018. Adjustments to referenced tables are based on the results of a statewide experience study covering the period 2013 through 2018. Changes in the Net OPEB liability (asset) Sensitivity of the total Net OPEB liability (asset) to changes in the discount rate The following presents the Net OPEB Liability (Asset) of the County, as well as what the County’s Net OPEB Liability (Asset) would be if it were calculated using a discount rate that is one percentage-point lower or one percentage-point higher than the current discount rate. The following presents the Sheriff’s plan total OPEB liability, calculated using a discount rate of 4.63%, as well as what the plan’s total OPEB liability would be if it were calculated using a discount rate that is one percent lower or one percent higher. Inflation Rate 2.50% Salary Increase Rate(s) 3.40% - 7.80% Discount Rate 4.63% Healthcare cost trend rate 7.50% Sheriff Total OPEB Fiduciary Net Net OPEB Total OPEB Liability Position Liability (Asset) Liability (a) (b) (a) - (b) Balance at September 30, 2022 $ 3,978,620 $ 7,939,588 $ (3,960,968) $ 10,066,831 Changes recognized for the measurement period: Service cost 48,048 - 48,048 331,928 Interest 326,375 - 326,375 459,586 Difference between expected and actual experience Experience 1,062,577 - 1,062,577 531,029 Changes in assumptions 746,336 - 746,336 1,309,473 Changes of benefit terms - - - 489,390 Net investment income - (1,325,084) 1,325,084 - Net Benefit payments (853,454) - (853,454) (886,021) Net changes 1,329,882 (1,325,084) 2,654,966 2,235,385 Balance at September 30, 2023 $ 5,308,502 $ 6,614,504 $ (1,306,002) $ 12,302,216 Sarasota County 1% Decrease Discount Rate 1% Increase 6.00% 7.00% 8.00% Net OPEB Liability/(Asset) $ (909,219) (1,306,002) $ (1,559,550) $ 1% Decrease Rate Assumption 1% Increase 3.63% 4.63% 5.63% Total OPEB Liability/(Asset) $ 13,247,029 $ 12,302,216 $ 11,443,844 Discount Rate 153
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