Minutes 06-02-2022 Budget Public Hearing and Work Session

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10 helps to show that you are you paying attention to the liability. She said this is a new GASB rule that started before 2009, right after the Enron situation. She said governments began thinking "what if that happens in the public sector?" She said the GASB rule said governments had to show liabilities on the balance sheet. Commissioner Fowler clarified that this is not an insurance plan, but money set aside to pay the liability. Bonnie Hammersley said no. She said the issue is that once you put it in the trust, you cannot take it out. She said it is a best practice, but you can only use it when you need it. She said when you need it would be a troublesome time. Commissioner Fowler asked for clarification. Bonnie Hammersley said that it would mean that the county did not have money to pay retirement liabilities, and the trust would be used in that scenario. Commissioner Fowler asked for clarification of what the retirement fund covers. Bonnie Hammersley said that the post-employment benefits are health insurance for county retirees. Commissioner Fowler asked for clarification of the health insurance retirement fund. Bonnie Hammersley said health insurance is budgeted and paid for as "pay as you go." She said the county pays for it every year. She said that there is an actuarial looks at average age and how long until retirement for all employees. She said it is not as big of a concern in the southeast, but in other parts of the country it is more of a concern. Commissioner McKee said he would like to know how much the liability has grown. Bonnie Hammersley said one of the things done during the recession to reduce the liability was to increase the number of years an employee had to work to receive health benefits, from 10 to 20 years. She said staff would bring more information about the issue to the Board. 3. Public Comments The Board held a public hearing to receive comments on the FY23 recommended budget. Chair Price asked the Clerk to the Board if anyone had signed up to speak at the Chapel Hill public comment satellite location. Laura Jensen, Clerk to the Board, said no. A motion was made by Commissioner McKee and seconded by Commissioner Fowler to open the public hearing. VOTE: UNANIMOUS PUBLIC COMMENTS: Joe Bumgarner with OE enterprises and the assistant chief at Caldwell Fire Department. He thanked Manager and the outside agency volunteers for including funding for OE Enterprises in the 22/23 FY budget. He said that those funds will be used to help those with disabilities to find outside employment. He said that Orange County is a leader in helping community members with disabilities live, work and thrive in the community. He said that he hopes the commissioners will support the funding.