Medical Insurance Plan (Continued)
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEBs
At June 30, 2024, the University reported a liability of $4,285,000 for its proportionate share of the collective net OPEB liability that reflected a reduction for state OPEB support provided to the University. The collective net OPEB liability was measured as of June 30, 2023, and the total OPEB liability used to calculate the collective net OPEB liability was based on a projection of the University's long-term share of contributions to the OPEB plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2024, the University's proportion was 0.175917%, a decrease of 0.060209% from the prior year proportion of 0.236126%, and the Commonwealth of Kentucky's proportionate share was 0.083435%, an increase of 0.068604% from the prior year proportion of 0.014831%.
The amount recognized by the University as its proportionate share of the OPEB liability, the related State support, and the total portion of the net OPEB liability that was associated with the University were as follows:
University's Proportionate Share of the Net OPEB Liability $ 4,285,000
State's Proportionate Share of the Net OPEB Liability Associated with the University Total 2,032,000
$ 6,317,000
(58)