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 15. OTHER POST-EMPLOYMENT BENEFITS[cont'd] Funding Policy The payment requirement for this coverage is based on the insurance premium rates charged by the insurance provider for the ABC Board and is paid in full for the benefit of all qualified retired employees. Annual OPEB Cost and Net OPEB Obligations The ABC Board's beginning OPEB liability of $901,484 was measured, as of June 30, 2022, and was determined by an actuarial valuation as of that date. Actuarial assumptions and other inputs.The total OPEB liability in the June 30,2023 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement unless otherwise specified: Inflation 2.50% Salary increases Discount rate 3.250/ 8.41%,including inflation 3 25% Healthcare cost trend rates Medical-7.00% The discount rate is based on the yield of the S&P Municipal Bond 20-Year High Grade Rate Index, as of the measurement date. i Changes in the Total OPEB Liability Total OPEB Liability Balance at July 1,2022 $ 901,484 Changes for the year: Service cost Interest 15,436 Changes of benefit terms 27,667 Differences between expected and actual experience (11,235) Changes in assumptions or other inputs 23,376 Benefit payments (101,203) 376 Net changes (45,959) Balance at June 30,2023 $ 855,525 Mortality rates were based on the RP-2014 Total Data Set for Healthy Annuitants Mortality Table. I As of June 30,2023 and 2022,the ABC Board's OPEB plan fiduciary net position and the net OPEB liability were$409,807 and$355,428,respectively. i _32_ , i