Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Notes to Financial Statements September 30, 2020 Contributions The County’s contributions to the FRS Plan were $29,110,009 for the year ended September 30, 2020. The Florida Legislature establishes contribution rates for participating employers and employees. Effective July 1, 2011, all FRS Plan members (except those in DROP) are required to make 3% employee contributions on a pretax basis. The employer contribution rates by job class for the periods from October 1, 2019 through June 30, 2020 and from July 1, 2020 through September 30, 2020 are as follows: July 1, 2020 - October 1, 2019 - September 30, Job Class June 30, 2020 2020 Regular 8.47% 10.00% Special Risk - Regular 25.48% 24.45% Special Risk- Administrative 38.59% 35.84% Elected Officers 48.82% 49.18% Senior Management Services 25.41% 27.29% DROP Participants 14.60% 16.98% Pension Costs At September 30, 2020, the County reported a liability of $371,891,909 for its proportionate share of the FRS Plan’s net pension liability. The net pension liability was measured as of June 30, 2020, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2020. 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, 2019 through June 30, 2020, relative to the total employer contributions received from all of FRS’s participating employers. At June 30, 2020, the County’s proportion was 0.8581%, which is a decrease of 0.0101% from its proportion measured as of June 30, 2019 of 0.8681%. For the year ended September 30, 2020, the County recognized pension expense of $78,630,472 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: Deferred outflows Deferred inflows Description of resources of resources Differences Between Expected and Actual Economic Experience $ 14,233,059 $ - Changes in Actuarial Assumptions 67,324,267 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments 22,142,803 - Changes in Proportion and Differences Between County Contributions and Proportionate Share of Contributions 5,557,009 6,197,778 County Contributions Subsequent to the Measurement Date 7,483,313 - Total $ 116,740,451 $ 6,197,778 128