Changes in the Total OPEB Liability
| Total OPEB Liability | |
| Total OPEB liability beginning of year | $ 2,568,366 |
| Changes for the year | |
| Service cost | 257,890 |
| Interest | 112,964 |
| Changes in assumptions | (6,202) |
| Differences between expected and actual experiences | (654,638) |
| Benefit payments | (129,880) |
| Net changes | (419,866) |
| Total OPEB liability end of year | $ 2,148,500 |
Changes of assumptions reflect a change in the discount rate from 4.09% in fiscal year 2022 to 4.13% in fiscal year 2023.
Sensitivity of the County's Total OPEB Liability to Changes in the Discount Rate – The following presents the total OPEB liability of the County, as well as what the County's total OPEB liability would be if it were calculated using a discount rate that is 1% lower (3.13%) or 1% higher (5.13%) than the current discount rate.
| 1% Decrease (3.13%) | Discount Rate (4.13%) | 1% Increase (5.13%) | |
|---|---|---|---|
| Total OPEB liability (asset) | $ 2,307,764 | $ 2,148,500 | $ 1,998,252 |
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 (6.00%) or 1% higher (8.00%) than the current healthcare cost trend rates.
| 1% Decrease (6.00% decreasing to 3.50%) | Healthcare Cost Trend Rates (7.00% decreasing to 4.50%) | 1% Increase (8.00% decreasing to 5.50%) | |
|---|---|---|---|
| Total OPEB liability (asset) | $ 1,863,944 | $ 2,148,500 | $ 2,485,117 |
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