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19 <br /> Bonnie Hammersley said that if no amendment is made the policy will be adopted as <br /> written. She said that if there is an amendment, they will discuss it further. <br /> Commissioner Portie-Ascott said she was wondering if they feel comfortable that the <br /> county can meet that liability. <br /> Bonnie Hammersley said GASB 87 was introduced in the early 2000s after the Enron <br /> issue. She said that they introduced this to government agencies and that if the county has other <br /> post-employment benefits, such as health insurance, the county needs to have a fund to cover <br /> the total liability based on life expectancy. He said that in the Midwest, there are counties that are <br /> 99% OPEB Funded. She said that only three counties in NC have OPEB fully funded. She said <br /> once it is fully funded, at $130 million dollars, they cannot touch that. She said that they pay on <br /> an as-you-go budgeting. She said that some people retire, and they are not retired that long <br /> because things happen. She said that it is challenging from a leadership perspective because <br /> once it has been put in, it can never be pulled out. She said that because of the strength of the <br /> economy, many counties in NC do not focus on it, but rating agencies do. She said that it is a <br /> Governmental Accounting Standards Board rule. She said when work on the budget, there is not <br /> a lot of room to put into the fund. She said some do not have it because they do not provide any <br /> post-retirement benefits. <br /> Commissioner Fowler asked if that means if they go bankrupt, they cannot use it. <br /> Bonnie Hammersley said that is a bad situation. <br /> Chair Bedford asked what budgeted amount. <br /> Bonnie Hammersley said it is about $3 million per year. <br /> Chair Bedford said the rating agencies are looking at the ratio. <br /> Commissioner Greene said she is in favor of the range. She said that what the County <br /> Manager has said about uncertainty of future years is a good argument for it. She said that if they <br /> come in with 17% fund balance, they could still spend it down to 16%, it just provides flexibility. <br /> Chair Bedford asked for that to be clarified because the presentation said that anything <br /> above 20%would be decided by the Board, but the 16%-20% range would not have to be brought <br /> to the Board. <br /> Travis Myren said Commissioner Richards seemed to be saying that by recommended <br /> that something be brought back that allowed them to decide what to do with anything over 16%. <br /> He said rather than presume it will be spent down, it will have to be discussed. <br /> Chair Bedford said that means they have to do a budget amendment to do that. <br /> Travis Myren said that is right. <br />