Orange County NC Website
Browse       Search
93 <br /> The County funds its OPEB healthcare benefits on a pay as you go basis as part of the annual budget <br /> process. The County paid approximately $2.7 million in OPEB benefits in the 2019 fiscal year, and has <br /> budgeted approximately$2.7 million for these payments in the current fiscal year. <br /> In addition to these annual payments, the County has reserved approximately $7.5 million of <br /> committed fund balance toward its OPEB obligations, and has established an irrevocable trust for OPEB <br /> benefits that is funded for fiscal year 2019-20 at$0. <br /> The following table presents additional information on the County's OPEB liabilities. <br /> Actuarial Net OPEB NOL as % of <br /> Valuation Date Liability(NOL) Covered Payroll <br /> December 31,2019 $106,718,695 225.9% <br /> December 31,2018 95,924,108 209.0 <br /> GASB 74 requires the presentation of the Net OPEB Liability ("NOL") effective as of June 30, <br /> 2017. The GASB 74 required NOL actuary methodology and assumptions results in a higher liability than <br /> the unfunded actuarial accrued liability("UAAL"). <br /> Actuarial UAAL as % of <br /> Valuation Date Unfunded UAAL Covered Payroll <br /> December 31,2015 $83,542,665 181.2% <br /> December 31,2013 65,152,273 167.5 <br /> CONTINGENT LIABILITIES <br /> The County is not aware of any contingent liabilities that it expects would materially adversely affect its <br /> ability to meet its financial obligations. <br /> 39 <br />