Sensitivity of the County's Total OPEB Liability to Changes in the Healthcare Cost Trend Rates – The following presents the total OPEB liability of the County, as well as what the County's total OPEB liability would be it were calculated using healthcare cost trend rates that are 1% lower (6.50%) or 1% higher (8.50%) than the current healthcare cost trend rates.
| 1% Decrease
(6.50% decreasing to 3.50%) | Healthcare Cost Trend Rates
(7.50% decreasing to 4.50%) | 1% Increase
(8.50% decreasing to 5.50%) |
|---|
| Total OPEB liability (asset) | $ 2,266,052 | $ 2,568,366 | $ 2,925,318 |
OPEB Expense and Deferred Outflows and Inflows of Resources Related to OPEB – For the year ended June 30, 2022, the County recognized OPEB expense of $293,976. At June 30, 2022, the County reported deferred outflows and inflows of resources related to OPEB from the following resources:
| Deferred Outflows of Resources | Deferred Inflows of Resources |
|---|
| Changes in assumptions | $ 85,112 | $ 258,268 |
|---|
| Differences between expected and actual experience | 412,483 | 149,781 |
|---|
| Total | $ 497,595 | $ 408,049 |
|---|
The amount reported as deferred outflows and inflows of resources related to OPEB will be recognized as OPEB expense as follows:
| Year Ending June 30, | Amount |
|---|
| 2023 | $ (2,230) |
| 2024 | (2,230) |
| 2025 | (2,230) |
| 2026 | 23,570 |
| 2027 | 34,159 |
| Thereafter | 38,507 |
| Total | $ 89,546 |
The County is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters.