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Indian River County, Florida
<br />Notes To Financial Statements
<br />Year Ended September 30, 2019
<br />
<br />100
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<br />NOTE 14 – OTHER POSTEMPLOYMENT BENEFITS PLAN (OPEB) - Continued
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<br />G. Changes in the Net OPEB Liability
<br />
<br /> Increase (Decrease)
<br /> Plan
<br /> Total OPEB Fiduciary Net OPEB
<br /> Liability Net Position Liability
<br /> (a) (b) (a) - (b)
<br />Balances at 9/30/2018 $ 32,974,379 $ 29,520,848 $ 3,453,531
<br />Changes for the year:
<br /> Service cost 528,585 - 528,585
<br /> Interest 1,943,022 - 1,943,022
<br /> Contributions - employer - 2,178,500 (2,178,500)
<br /> Net investment income - 1,047,018 (1,047,018)
<br /> Benefit payments (2,238,521) (2,238,521) -
<br /> Net changes 233,086 986,997 (753,911)
<br />Balances at 9/30/2019 $ 33,207,465 $ 30,507,845 $ 2,699,620
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<br />H. OPEB Expense and Deferred Outflows and Inflows of Resources Related to OPEB
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<br />For the year ended September 30, 2019, the County recognized OPEB expense of ($124,247). At
<br />September 30, 2019, the County reported deferred outflows of resources and deferred inflows of
<br />resources related to OPEB from the following sources:
<br />
<br /> Deferred Deferred
<br />Outflows of Inflows of
<br />Description Resources Resources
<br />Differences between expected and actual experience $ 2,148,784 $ -
<br />Changes of assumptions - 9,291,425
<br />Net difference between projected and actual earnings on
<br /> OPEB plan investments 726,405 -
<br /> $ 2,875,189 $ 9,291,425
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