Sarasota County, Florida Notes to Financial Statements September 30, 2023 Sensitivity of the total Net OPEB liability (asset) to changes in the healthcare cost trend rates The following presents the Net OPEB Liability (Asset) of the County, as well as what the County’s Net OPEB Liability would be if it were calculated using healthcare cost trend rates that are one percentage-point lower or one percentage-point higher than the current healthcare cost trend rates. Regarding the sensitivity of the total OPEB liability to changes in the healthcare cost trend rates, the following presents the Sheriff’s plan total OPEB liability, calculated using the assumed trend rates as well as what the plan’s total OPEB liability would be if it were calculated using a trend rate that is one percent lower or one percent higher: Aggregate OPEB expense and Deferred Outflows of Resources and Deferred Inflows of Resources related to OPEB For the year ended September 30, 2023, the County will recognize OPEB expense/ (credit) of $(677,624). The Sheriff’s Plan will recognize OPEB expense of $1,553,727. Table below shows OPEB expense and sources of deferred outflows and deferred inflows of resources related to each plan. 1% Decrease Current Trend Rate 1% Increase 3.00%-6.00% 4.00%-7.00% 5.00%-8.00% Net OPEB Liability/(Asset) (1,582,606) $ $ (1,306,002) (866,906) $ Healthcare Cost Trend Rate 1% Decrease Trend Rate 1% Increase Total OPEB Liability/(Asset) $ 11,057,793 $ 12,302,216 $ 13,791,962 Healthcare Cost Trend Rate Sarasota County Sheriff Total Plans Deferred Outflows of Resources: Difference between expected and actual experience 1,715,082 $ $ 2,563,819 $ 4,278,901 Changes in actuarial assumptions 981,454 - 981,454 Net difference between projected and actual earnings on OPEB plan investments 2,340,796 - 2,340,796 Changes in assumptions and other inputs - 1,654,723 1,654,723 Total $ 5,037,332 $ 4,218,542 $ 9,255,874 Deferred Inflows of Resources: Difference between actual and expected experience 2,104,280 $ - $ $ 2,104,280 Changes in actuarial assumptions 732,188 - 732,188 Changes in assumptions and other inputs - 2,059,257 2,059,257 $ 2,836,468 $ 2,059,257 $ 4,895,725 154
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