OTHER-2024-032-Preliminary official statement

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Years of Service at Retirement Age at Retirement County Contribution 20 or more Any Age 100 % 1049 65 50 % Per resolution, the County is required to contribute the projected pay- as -you financing requirements, with an additional amount to prefund benefits as determined annually by the Board . Benefit payments by the County were $3 , 529 ,472 for the fiscal year ended June 30 , 2023 : The Annual OPEB Cost (AOC) is equal to the Annual Required Contribution (ARC ) , one year ' s interest on the Net OPEB Obligation, and an adjustment to the ARC to offset the effect of actuarial amortization of past under or over contributions . The County funds its OPEB healthcare benefits on a pay as you go basis as part of the annual budget process . The County paid $ 3 , 529 , 472 in OPEB benefits in fiscal year 2023 , and has budgeted approximately $ 3 , 089 , 464 for benefit payments in fiscal year 2024 . In addition to these annual payments , the County has reserved approximately $ 8 . 2 million of committed fund balance toward its OPEB obligations . The County has also established an irrevocable trust for OPEB benefits that contains approximately $ [381 , 735 ] . The following table presents additional information on the County ' s OPEB liabilities . Measurement Net OPEB NOL as % of Date Liability (NOL) Covered Payroll June 30 , 2023 $ 120 , 541 , 187 231 . 2 % June 30 , 2022 132 , 374 , 775 238 . 2 June 30 , 2021 161 , 44 % , 960 290 . 5 GASB 74 requires the presentation of the Net OPEB Liability ("NOL") effective as of June 30 , 2017 . The GASB 74 required NOL actuary methodology and assumptions results in a higher liability than the unfunded actuarial accrued liability ("UAAL") . CONTINGENT LIABILITIES The County is not aware of any contingent liabilities that it expects would materially adversely affect its ability to meet its financial obligations . 42