Sarasota County Comprehensive Annual Financial Report 2019

2017 2018 2019 Total OPEB Liability Changes for the Year: Service Cost 319,167 $ 260,639 $ 135,765 $ Interest 624,655 487,906 303,173 Assumption Changes and Difference Between Actual and Expected Experience (2,453,192) (2,012,326) 1,058,366 Change in Actuarial Assumptions (921,792) (253,358) 1,049,022 Other 2,116,562 72,743 - Changes of Benefit Terms - - (4,069,094) Benefit Payments (203,897) (175,706) (347,774) Net Change in Total OPEB Liability (518,497) (1,620,102) (1,870,542) Total OPEB Liability - Beginning 8,509,152 7,990,655 6,370,553 Total OPEB Liability - Ending (a) 7,990,655 6,370,553 4,500,011 Plan Fiduciary Net Position Contributions Employer 1,051,588 1,496,906 2,659,286 Net Investment Income 709,453 393,027 408,666 Benefit Payments (1,051,588) (1,496,906) (2,659,286) Administrative Expenses (6,657) (7,271) (7,503) Net Change in Plan Fiduciary Net Position 702,796 385,756 401,163 Plan Fiduciary Net Position - Beginning 5,917,381 6,620,177 7,005,933 Plan Fiduciary Net Position - Ending (b) 6,620,177 7,005,933 7,407,096 Net OPEB liability - Ending (a) - (b) 1,370,478 $ (635,380) $ (2,907,085) $ Covered payroll 191,691,830 $ 179,958,805 $ 144,912,549 $ Total OPEB liability as a percentage of covered payroll 4.44 % 3.54 % 3.11 % Funded Ratio 69.54% 105.28% 164.60% 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. Sarasota County, Florida Schedule of Changes in the County’s Net OPEB Liability and Related Ratios For the Year Ended September 30, 2019 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. 144