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ORANGE COUNTY, NORTH CAROLINA <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2012 <br />Annual OPEB Cost and Net OPEB Obligation. <br />ost (expense) is <br />calculated based on the annual required contribution of the employer (ARC), an amount actuarially <br />determined in accordance with the parameters of GASB Statement 45. The ARC represents a level of <br />funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize <br />any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. <br />amount <br />healthcare benefits: <br />net OPEB obligation for 2012 were as follows: <br />Funding Status and Funding Progress. <br />As of December 31, 2011, the most recent actuarial <br />valuation date, the plan was not funded. The actuarial accrued liability for benefits and, thus, the <br />unfunded actuarial accrued liability ("UAAL") was $63,716,142. The covered payroll (annual payroll <br />of active employees covered by the plan) was $38,572,921, and the ratio of the UAAL to the covered <br />payroll was 165.2 percent. <br />54 <br /> <br />