Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 Description Deferred outflows of resources Deferred inflows of resources Differences Between Expected and Actual Economic Experience $ - $ - Changes in Actuarial Assumptions - - Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 2,720,397 Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions - - County Contributions Subsequent to the Measurement Date 6,536,609 - Total $ 6,536,609 $ 2,720,397 The $6,536,609 reported as deferred outflows related to pensions resulting from County contributions 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 a decrease in pension expense as follows: Actuarial Assumptions The total pension liability in the September 30, 2018 actuarial valuation was determined using the following actuarial assumptions applied to all periods included in the measurement: Actuarial cost method Entry Age Normal Amortization method Level Dollar, Closed Remaining amortization period 6 years beginning October 1, 2017 Asset valuation method 3-Year smoothed market Inflation 3.75% Salary increases 3.75% to 6.75% including inflation Investment rate of return 7.00% Retirement age Age and experience-based table of rates that are specific to the type of eligibility condition. Mortality RP-2000 Mortality Table for males and females. A 2.5% load was used as a margin for future mortality improvements. Year Ended September 30, Amount 20 20 88,409 $ 202 1 (1,430,123) 202 2 (1,007,740) 202 3 (370,943) 132