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 Jun e 30 202 3 and 2022 15. OTHER POST-EMPLOYMENT BENEFITS[cont'd] Changes in the Total OPEB Liability The actuarial assumptions used in the June 30, 2023 valuation were based on the results of an actuarial experience study for the period January 2015 through December 2019. Sensitivity of the total OPEB liability to changes in the discount rate. The following presents the total OPEB liability of the ABC Board at June 30,2023,as well as what the ABC Board's total OPEB liability would have been if it were calculated using the discount rate that is one percentage point lower(2.25%), or one percentage point higher(4.25%),than the current discount rate: 1%Decrease Discount Rate 3.25%) 1%Increase Net OPEB liability $514,756 $445,718 $384,585 Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates. The following presents the total OPEB liability of the ABC Board at June 30, 2023, as well as what the ABC Board's total OPEB liability would have been if it were calculated using healthcare cost trend rates that are one percentage point lower than,or one percentage point higher than,the current healthcare cost trend rates: 1%Decrease Current 1%Increase Net OPEB liabili $376,005 $445,718 $525,040 Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended June 30, 2023, the ABC Board recognized OPEB expense of$157,047.At June 30, 2023, the ABC Board reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: i Deferred Deferred Outflows of Inflows of Resources Resources Difference between expected and actual experience p $ 70,631 $ 303,416 Changes of assumptions 25,550 Benefit payments and administrative costs made subsequent to the measurement date 21,557 --- Total $ 117,738 $ 303,416 i -33-