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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2017
<br />NOTE 14 — OTHER POSTEMPLOYMENT BENEFITS PLAN - Continued
<br />C. Annual OPEB Cost and Net OPEB Obligation (Asset)
<br />The employer's contribution (i.e. annual cost or expense) to the County's OPEB Trust is based on the
<br />ARC calculation. The ARC is an amount actuarially determined in accordance with the parameters of
<br />GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is
<br />projected to cover the normal cost each year and amortize any unfunded actuarial liability over a period
<br />not to exceed 20 years. The following table shows the components of the County's annual cost for the
<br />current and two preceding years, the amount actually contributed, and the changes in the net obligation.
<br />Annual Required Contribution
<br />Interest on Net OPEB Obligation (Asset)
<br />Adjustment to Annual Required Contribution
<br />Annual OPEB Cost
<br />Contributions (net of adjustments)*
<br />Change in Net OPEB Obligation
<br />Net OPEB Obligation (Asset) — beginning of year
<br />Net OPEB Obligation (Asset) — end of year
<br />Percentage of Annual OPEB Cost Contributed
<br />FY 2016/2017 FY 2015/2016 FY 2014/2015
<br />$ 2,583,447
<br />$ 3,096,411 $
<br />2,977,075
<br />(584,100)
<br />(54,895)
<br />(47,722)
<br />994,339
<br />86,643
<br />72,521
<br />2,993,686
<br />3,128,159
<br />3,001,874
<br />(1,772,523)
<br />(11,948,249)
<br />(3,121,416)
<br />1,221,163
<br />(8,820,090)
<br />(119,542)
<br />(9,734,999)
<br />(914,909)
<br />(795,367)
<br />$ (8,513,836)
<br />$ (9,734,999) $
<br />(914,909)
<br />59% 382%
<br />104%
<br />*Retiree adjustments are comprised of the actual amount withdrawn from the OPEB Trust plus
<br />premiums collected and less claims paid. For fiscal year 2017, these adjustments amounted to
<br />($501,818). For fiscal years 2016 and 2015, these adjustments totaled ($148,162) and $144,341
<br />respectfully.
<br />D. Net OPEB Liability
<br />The components of the net OPEB liability of the County at September 30, 2017, were as follows:
<br />Total OPEB Liability $ 41,252,267
<br />Plan fiduciary net position (27,670,462)
<br />County's net OPEB liability 13.581.805
<br />Plan fiduciary net position as a percentage of the total
<br />OPEB liability 67.08%
<br />The net OPEB liability will be reported on the financial statements of the County in fiscal year 2018
<br />upon implementation of Governmental Accounting Standards Board Statement No. 75, Accounting and
<br />Financial Reporting for Postemployment Benefits Other Than Pensions.
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