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Indian River County, Florida Property Appraiser Notes To Financial Statements Year Ended September 30, 2017 NOTE 3 — PENSION PLAN - Continued Florida Retirement System - Continued Sensitivity of the Property Appraiser's Proportionate Share of the Net Position Liability to Changes in the Discount Rate for the HIS Program: The following presents the Property Appraiser's proportionate share of the NPL of the HIS Program calculated using the discount rate of 3.58%. Also presented is what the Property Appraiser's proportionate share of the HIS Program NPL would be if it were calculated using a discount rate that is 1% lower or 1% higher than the current rate: 1% Discount Current Discount 1% Increase (2.58%) Rate (3.58%) (4.58%) Property Appraiser's proportionate share of NPL $ 800,735 $ 701,702 $ 619,213 Refer to the County -wide note for actuarial assumptions (including the investment rate of return), pension liability on financial statements, and an explanation of pension expense components. The pension liability is not reported in the financial statements of the Property Appraiser since they are not payable from available spendable resources. It is reported in the financial statements of the County by the fund which normally pays the personnel service costs of the employee. NOTE 4 — OTHER POSTEMPLOYMENT BENEFITS The Property Appraiser participated in the Indian River County Other Post Employment Benefits Trust (OPEB Trust). The Property Appraiser's 2017 annual contribution of $39,712 was funded by the Board of County Commissioners as part of a total contribution determined by the OPEB Trust actuary. Further information on the OPEB Trust can be found in the County -wide financial statements and in the County notes. NOTE 5 — RISK MANAGEMENT Indian River County maintains a risk management program that provides for coverage of risks of loss related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees, natural disasters, and medical and life insurance coverage for employees and their eligible dependents. Various excess catastrophe insurance policies with a commercial carrier are also in force for claims exceeding the amount chargeable against the Self Insurance Fund. The Property Appraiser participated in the County's self-insurance program during fiscal year 2017 at an annual cost of approximately $315,767. Further details on the self-insurance program are discussed in the County -wide financial statements and County notes. 350