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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2017
<br />NOTE 13 - RETIREMENT PLAN - Continued
<br />Pension Plan - Continued
<br />The County's actuarial contribution to FRS under the Pension Plan for the year ended September 30,
<br />2017, was $9,099,495. Employee contributions for September 30, 2017 were $1,702,222. Both
<br />employer and employee contributions were equal to 100% of the required contribution.
<br />Pension Liabilities, Pension Expense, and Deferred Ou flow of Resources and Deferred Inflow of
<br />Resources Related to Pension Plan: At September 30, 2017, the Division of Retirement calculated the
<br />County's liability of $103,046,280 for the FRS plan for its proportionate share of the net pension
<br />liability. The net pension liability was measured as of June 30, 2017, and the total pension liability
<br />used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2017.
<br />The County's proportion of the net pension liability was based on a projection of the County's long-
<br />term share of contributions to the Pension Plan relative to the projected contributions of all participating
<br />employers, actuarially determined. At June 30, 2017, the County's proportion share was .3484% for
<br />the FRS Pension Plan. This was an increase of 0.0128% from its proportionate share measured as of
<br />June 30, 2016.
<br />We anticipate that the pension liability will be liquidated in the following manner: General Fund 56
<br />percent, Emergency Services District Fund 33 percent, Transportation Fund 4 percent, Enterprise Funds
<br />6 percent, and the remaining 1 percent is by the Other Governmental Funds and Internal Service Funds.
<br />For the year ended September 30, 2017, the County's calculated total increase of actuarially determined
<br />pension expense was $10,755,278. In addition, the County reported deferred outflows of resources and
<br />deferred inflows of resources related to pensions from the following sources:
<br />Description
<br />Differences between expected and
<br />actual experience
<br />Changes in assumptions
<br />Net difference between projected and actual
<br />earnings on pension plan investments
<br />Changes in proportion and differences between
<br />County contributions and proportionate share of
<br />contributions
<br />County contributions subsequent to the measure-
<br />ment date
<br />Total
<br />Deferred Outflows
<br />of Resources
<br />9,457,168
<br />34,630,826
<br />5,778,285
<br />Deferred Inflows
<br />of Resources
<br />570,822
<br />2,553,742
<br />2,862,974
<br />2,474,204 -
<br />$ 52,340,483 $ 5,987,538
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