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Indian River County, Florida <br />Sheriff <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 5 — PENSION PLAN - Continued <br />Florida Retirement System - Continued <br />Sensitivity of the Sheriffs Proportionate Share of the Net Position Liability to Changes in the Discount <br />Rate for the HIS Program: The following presents the Sheriff s proportionate share of the NPL of the <br />HIS Program calculated using the discount rate of 3.58%. Also presented is what the Sheriffs <br />proportionate share of the HIS Program NPL would be if it were calculated using a discount rate that is <br />I% lower or I% higher than the current rate: <br />Current Discount <br />1% Decrease (2.58%) Rate (3.58%) 1% Increase (4.58% <br />Sheriff s proportionate <br />share of NPL $ 9,214,447 $ 8,074,827 $ 7,125,587 <br />Refer to the County -wide note for actuarial assumptions (including the investment rate of return), <br />pension liability on financial statements, and an explanation of pension expense components. The <br />pension liability is not reported in the financial statements of the Sheriff since they are not payable from <br />available spendable resources. It is reported in the financial statements of the County by the fund which <br />normally pays the personnel service costs of the employee. <br />NOTE 6 — OTHER POSTEMPLOYMENT BENEFITS <br />The Sheriff participated in the Indian River County Other Post Employment Benefits Trust (OPEB <br />Trust). The Sheriff's 2017 annual contribution of $955,220 was funded by the Board of County <br />Commissioners as part of a total contribution determined by the OPEB Trust actuary. Further <br />information on the OPEB Trust can be found in the County -wide financial statements and County notes. <br />NOTE 7 — RISK MANAGEMENT <br />Indian River County maintains a risk management program that provides for coverage of risks of loss <br />related to torts, theft of, damage to and destruction of assets, errors or omissions, injuries to employees, <br />natural disasters, and medical and life insurance coverage for employees and their eligible dependents. <br />Various excess catastrophe insurance policies with a commercial carrier are also in force for claims <br />exceeding the amount chargeable against the Self Insurance Fund. The Sheriff participated in the <br />County's self-insurance program during fiscal year 2017 at an annual cost of approximately $3,778,814. <br />Further details on this self-insurance program are disclosed in the County -wide financial statements and <br />County notes. <br />u6s <br />