06/04/2024 - Laserfiche WebLink

Home Browse Search

was measured as of June 30, 2023, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022. At June 30, 2023, the County's proportionate share was 0.2604% for the HIS Program. This was a decrease of 0.0090% from its proportionate share measured as of June 30, 2022. For the year ended September 30, 2023, the County's recognized pension expense was $14,742,846. In addition, the County reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Description Differences between expected and actual experience Changes in assumptions Net difference between projected and actual earnings on pension plan investments Changes in proportion and differences between County contributions and proportionate share of contributions County contributions subsequent to the measurement date Total Deferred Deferred Outflows of Inflows of Resources Resources $605,350 $97,057 1,087,102 3,583,193 21,354 1,895,230 942,516 529,728 - $4,138,764 $4,622,766 The deferred outflows of resources related to the HIS Program totaling $529,728 resulting from County contributions subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the year ended September 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to HIS Program will be recognized in pension expense as follows: Fiscal Year Ending September 30 2024 2025 2026 2027 2028 Thereafter Total Amount Recognized $(177,126) (107,391) (178,677) (350,463) (185,644) (14,429) $(1,013,730) [Remainder of page intentionally left blank] 37 144