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proportionate share of the NPL of the HIS Program calculated using the discount rate of
<br />3.65%. Also presented is what the County's proportionate share of the HIS Program NPL
<br />would be if it were calculated using a discount rate that is 1 % lower or I% higher than the
<br />current rate:
<br />1% Decrease Current Discount 1% Increase
<br />(2.65%) Rate (3.65%) (4.65%)
<br />County's proportionate share of NPL $47,174,898 $41,350,877 $36,523,156
<br />HIS Program Fiduciary Net Position: Detailed information regarding the HIS
<br />Program's fiduciary net position is available in the separately issued Pension Plan and Other
<br />State -Administered Systems Annual Comprehensive Financial Report. This report is
<br />available by writing to the State of Florida, Division of Retirement, Department of
<br />Management Services, P.O. Box 9000, Tallahassee, Florida 32315-9000 or by email at
<br />rep@dms.myflorida.com, or by telephone toll free at (877) 377-1737 or (850) 488-5706.
<br />Total Pension Liability - FRS Pension and HIS Program Combined. At September
<br />30, 2023, the Division of Retirement calculated the County's total liability of $184,251,998
<br />for its proportionate share of the net pension liability. The net pension liability was
<br />measured as of June 30, 2023, and the total pension liability used to calculate the net
<br />pension liability was determined by an actuarial valuation as of July 1, 2023. At June 30,
<br />2023, the County's total proportionate share was 0.6190%. This was a decrease of
<br />0.0122% from its proportionate share measured as of June 30, 2022.
<br />For the year ended September 30, 2023, the County recognized pension expense for
<br />the FRS Pension and HIS Program combined of $31,849,445. The County reported
<br />deferred outflows of resources and deferred inflows of resources related to the pension and
<br />HIS program from the following sources:
<br />The deferred outflows of resources totaling $5,555,569 resulting from County
<br />contributions subsequent to the measurement date, will be recognized as a reduction of the
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<br />Deferred
<br />Deferred
<br />Outflows of
<br />Inflows of
<br />Description
<br />Resources
<br />Resources
<br />Differences between expected and actual experience
<br />$14,022,532
<br />$97,057
<br />Changes in assumptions
<br />10,402,581
<br />3,583,193
<br />Net difference between projected and actual earnings
<br />on pension plan investments
<br />5,989,292
<br />-
<br />Changes in proportion and differences between County
<br />contributions and proportionate share of
<br />contributions
<br />4,972,051
<br />3,458,010
<br />County contributions subsequent to the measurement
<br />date
<br />5,555,569
<br />-
<br />Total
<br />$40,942,025
<br />$7,138,260
<br />The deferred outflows of resources totaling $5,555,569 resulting from County
<br />contributions subsequent to the measurement date, will be recognized as a reduction of the
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