ACFR FY 2023 Final - Flipbook - Page 110
City of Eustis, Florida
FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS
Note 8 - Other Postemployment Beneots (Continued)
Note 8 - Other Postemployment Beneots (Continued)
The City9s OpEb liability measurement date is September 30, 2023ÿ The measurement period for
OpEb cost was October 1, 2022, to September 30, 2023ÿ The components of the City9s total OpEb
liability on September 30, 2023, are as follows:
Total OPEB Liability
Total OpEb Liaility
OpEb plan Fiduicary Net position
City9s Total OpEb Liability
OpEb plan Fiduciary Net position as a percentage of Total OpEb Liability
$
$
2,991,723
2,991,723
0ÿ00%
Actuarial Assumptions The total OpEb liability as of September 30, 2023, was based on a roll-forward of the actuarial valuation dated October 1, 2022, using the following actuarial assumptions:
Inflation
Discount Rate
Healthcare Cost Trend Rate
2ÿ50% per annum
4ÿ40%
7ÿ50% per annum (including inflation of 2ÿ50%)
Mortality rates for police ofocers and oreoghters were based on the same versions of Pub-2010 Public
General Retirement plans Health mortality Table as used by the FRS for Special Riskÿ Class members
in their July 1, 2022, actuarial valuation (with mortality improvements projected for healthy to all
future years after 2010, using Scale mp-2021)ÿ Florida Statutes Chapter 1112ÿ63(1)(f) mandates this
use of mortality tables from one of the two most recently published FRS actuarial valuation reportsÿ
Discount Rate The discount rate used to measure the total OpEb liability on September 30, 2023,
was 4ÿ40%ÿ because the City9s OpEb costs are essentially funded on a pay-as-you-go funding structure, a municipal bond rate was used to determine the total pension liability for the programÿ The
bond buyer General Obligation 20-bond municipal bond Index was adoptedÿ
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110
Annual Comprehensive Financial Report | September 30, 2023
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