FY2023 Adopted Operating and Capital Budget

FY2023 Adopted Budget Fund Budgets

Other Post Employment Benefits Trust

Other Post Employment Benefits Trust The County's Other Post-Employment Benefit (OPEB) cost (expense) is calculated based on the actuarial determined contribution (ADC), in accordance with the parameters of GASB. The ADC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, investment earnings and the healthcare cost trends. Amounts determined regarding the funded status of the plan and the ADC of the employer are subject to bi-annual revision as actual results are compared with past expectations and new estimates are made about the future. Presented for informational purposes only and is not adopted by the County Council.

Budget Highlights The following budget adjustments are reflected in FY23:

The Actuarially Determined Contribution (ADC) is fully funded in the FY2023 budget. No significant change in assumptions or plan benefits were made when determining the ADC. However, due to favorable asset experience the ADC decreased by approximately $2 million.

Funded Ratio

FY2020 Actual FY2023 Projection 87.3% 103.0% 103.8% N/A FY2021 Actual FY2022 Projection

Note: The funded ratio is affected by several factors and can fluctuate from one year to the next even with funding ADC at 100% and with no substantive changes to the plan. The ratio being shown is as of June 30 th of the fiscal year.

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