2019 2020 2021 Total OPEB Liability Changes for the Year: Service Cost $ 330,269 $ 566,526 $ 643,861 Interest 238,079 261,758 231,221 Changes of Benefit Term 8,131,607 - - Assumption Changes and Difference Between Actual and Expected Experience - - 2,855,932 Changes in Assumptions and Other Inputs 852,948 (230,916) (540,770) Benefit Payments (347,354) (507,222) (690,670) Net Change in Total OPEB Liability 9,205,549 90,146 2,499,574 Total OPEB Liability - Beginning - 9,205,549 9,295,695 Total OPEB Liability - Ending (a) $ 9,205,549 $ 9,295,695 $ 11,795,269 Covered-employee payroll $ 56,692,000 $ 66,835,592 $ 58,233,279 Total OPEB liability as a percentage of covered payroll 16.24% 13.91% 20.26% Notes to Schedule: Assumption Changes: The discount rate was changed from 2.19% as of the beginning of the measurement period to 4.40% as of September 30, 2022 (based on the Long-Term Municipal Bond rate). Assumed ultimate rate of inflation remained at 2.25% and the healthcare cost trend assumption was revised acording to the Getzen Model from 6.25% to 6.00%. Note: Information is required to be presented for 10 years. However, until a full 10-year trend is compiled, the County will present information for only those years for which information is available. Note: Effective January 1, 2019, the Sheriff established a fully-insured group health plan intended to provide medical and prescription benefits to current and retired employees of the Sheriff. Prior to January 1, 2019, employees and retirees were covered under the County’s comprehensive health plan. Furthermore, it was determined that assets accumulating in the trust vehicle administered by the County are not available to pay post-employment benefits of the Sheriff’s retirees. As such, benefits provided to Sheriff’s retirees are considered to constitute a separate unfunded OPEB plan. Sarasota County, Florida Schedule of Changes in the Sheriff's Total OPEB Liability and Related Ratios For the Year Ended September 30, 2023 164
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