Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Schedule of Changes in the County’s Net OPEB Liability and Related Ratios For the Year Ended September 30, 2020 Total OPEB Liability Changes for the Year: Service Cost Interest Assumption Changes and Difference Between Actual and Expected Experience Change in Actuarial Assumptions Other Changes of Benefit Terms Benefit Payments Net Change in Total OPEB Liability 2017 2018 2019 $ 319,167 $ 260,639 $ 135,765 $ 624,655 487,906 303,173 (2,453,192) (2,012,326) 1,058,366 (921,792) (253,358) 1,049,022 2,116,562 72,743 - - - (4,069,094) (203,897) (175,706) (347,774) (518,497) (1,620,102) (1,870,542) 2020 40,830 310,585 - 98,034 - - (734,493) (285,044) Total OPEB Liability - Beginning Total OPEB Liability - Ending (a) 8,509,152 7,990,655 6,370,553 $ 7,990,655 $ 6,370,553 $ 4,500,011 $ 4,500,011 4,214,967 Plan Fiduciary Net Position Contributions Employer Net Investment Income Benefit Payments Administrative Expenses Net Change in Plan Fiduciary Net Position 1,051,588 709,453 (1,051,588) (6,657) 702,796 1,496,906 393,027 (1,496,906) (7,271) 385,756 2,659,286 408,666 (2,659,286) (7,503) 401,163 1,757,754 473,655 (1,757,754) (7,837) 465,818 Plan Fiduciary Net Position - Beginning Plan Fiduciary Net Position - Ending (b) 5,917,381 6,620,177 6,620,177 7,005,933 7,005,933 7,407,096 7,407,096 7,872,914 Net OPEB liability - Ending (a) - (b) $ 1,370,478 $ (635,380) $ (2,907,085) $ (3,657,947) Covered payroll Total OPEB liability as a percentage of covered payroll $ 191,691,830 $ 179,958,805 $ 144,912,549 $ 4.44 % 3.54 % 3.11 % 151,868,352 2.78 Funded Ratio 69.54% 105.28% 164.60% 186.78% 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. 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. 148