Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 The County’s proportion of the net pension liability was based on the County’s contributions received by FRS during the measurement period for employer payroll paid dates from July 1, 2018 through June 30, 2019, relative to the total employer contributions received from all of FRS’s participating employers. At June 30, 2019, the County’s proportion was 0.8681%, which is an increase of 0.0134% from its proportion measured as of June 30, 2018 of 0.8548%. For the year ended September 30, 2019, the County recognized pension expense of $72,604,340 for its proportionate share of FRS’s pension expense. In addition, the County reported its proportionate share of FRS’s deferred outflows of resources and deferred inflows of resources from the following sources: Description Deferred Outflows of Resources Deferred Inflows of Resources Differences Between Expected and Actual Economic Experience $ 17,733,253 $ 185,543 Changes in Actuarial Assumptions 76,790,475 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 16,541,036 Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions 8,525,353 6,063,743 County Contributions Subsequent to the Measurement Date 6,882,533 - Total $ 109,931,614 $ 22,790,322 $6,882,533 reported as deferred outflows of resources related to pensions resulting from County contributions to the FRS Plan subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended September 30, 2020. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as an increase (decrease) in pension expense as follows: Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as an increase (decrease) in pension expense as follows: Year Ended September 30 Amount 2020 $ 29,179,780 2021 9,892,036 2022 20,903,257 2023 15,080,656 2024 4,040,255 Thereafter 1,162,775 Actuarial Assumptions The total pension liability in the July 1, 2019, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.60% Per year Salary Increases 3.25% Average, Including inflation Investment Rate of Return 6.90% Net of investment expense, Including inflation 126