Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 Changes of benefit terms as reported in the table above reflects the amount of the liability associated with the separation and establishment of the Sheriff’s Plan from the County’s Plan effective January 1, 2019. Sensitivity of the total Net OPEB liability to changes in the discount rate Regarding the sensitivity of the total OPEB liability to changes in the discount rate, the following presents the plan’s total OPEB liability, calculated using a discount rate of 2.75%, 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. Discount Rate 1% Decrease 2.75% 1% Increase Total OPEB Liability/(Asset) $ 10,013,971 $ 9,205,549 $ 8,485,624 Sensitivity of the total Net OPEB liability to changes in the healthcare cost trend rates Regarding the sensitivity of the total OPEB liability to changes in the healthcare cost trend rates, the following presents the plan’s 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: Healthcare Cost Trend Rate 1% Decrease Current Trend Rate 1% Increase Total OPEB Liability/(Asset) $ 8,097,044 $ 9,205,549 $ 10,587,577 OPEB Expense and Deferred Outflows of Resources Related to OPEB For the year ended September 30, 2019, the Sheriff’s Plan will recognize OPEB expense of $8,779,670. On September 30, 2019, the Sheriff’s Plan reported deferred outflows of resources related to OPEB from the following sources: Amounts reported as deferred outflows of resources are being amortized over 10.7 years and will be recognized as follows: For the Year Ending September 30, 2020 $ 79,715 2021 79,715 2022 79,715 2023 79,715 2024 79,715 Thereafter 374,658 Total $ 773,233 Deferred Outflows Description of Resources Changes in assumptions and other inputs 773,233 Total 773,233 $ 140