2023d ABC Board Minutes - Laserfiche WebLink

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ORANGE COUNTY ALCOHOLIC BEVERAGE CONTROL BOARD (a component unit of Orange County Government) NOTES TO FINANCIAL STATEMENTS June 30,2023 and 2022 3. DETAIL NOTES ON ALL FUNDS[cont'd] Pension Plan Obligations[cont'd] Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions[cont'd] For the year ended June 30, 2023,the ABC Board recognized pension expense of$387,900. At June 30, 2023, the ABC Board reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ 60,917 $ 5,973 Changes of assumptions 141,060 Net difference between projected and actual earnings on pension plan investments 467,256 --- Changes in proportion and differences between ABC Board contributions and proportionate share of contributions 8,375 13,748 ABC Board's contributions subsequent to the measurement date 254,559 Total $ 932,167 $ 19,721 A net amount of$932,167,reported as deferred outflows of resources related to pensions resulting from ABC Board contributions,subsequent to the measurement date,will be recognized as a decrease of the net pension liability in the year ended June 30, 2023. Other amounts repotted as deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ending June 30: 2024 $ 200,121 179,766 2026 2027 55,390 222,610 Total $ 657,887 Actuarial Assumptions. The total pension liability in the December 31, 2020 actuarial valuation was determined using the following actuarial assumptions,applied to all periods included in the measurement: Inflation 3.0% Salary increases 3.50%to 8.10%,including inflation and productivity factor Investment rate of return 7.00%,net of pension plan investment expense,including inflation I 23 i