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CITY OF SUNNY ISLES BEACH, FLORIDA
<br />REQUIRED SUPPLEMENTARY INFORMATION
<br />SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS
<br />Total OPEB Liability
<br />Service Cost
<br />Interest
<br />Differences Between Expected and Actual Experience
<br />Benefits Payments
<br />Assumption Changes
<br />Other Changes
<br />Net Change in Total OPEB Liability
<br />Total OPEB Liability (Beginning)
<br />Total OPEB Liability (Ending)
<br />2023
<br />2022
<br />2021
<br />2020
<br />2019
<br />2018
<br />$ 309,363
<br />$ 388,259
<br />$ 484,690
<br />$ 470,573
<br />$ 337,550
<br />$ 355,675
<br />128,858
<br />123,397
<br />226,854
<br />176,645
<br />165,013
<br />138,224
<br />(19,208)
<br />491,056
<br />(634,900)
<br />(176,557)
<br />(169,735)
<br />(125,741)
<br />(117,515)
<br />(78,469)
<br />(58,820;
<br />(1,587,248)
<br />(703,944)
<br />(1,368,823)
<br />1,497,648
<br />(136,879)
<br />(160,002)
<br />(1,344,792)
<br />(522,025)
<br />(291,964)
<br />1,392,451
<br />287,215
<br />435,079
<br />5,100,347
<br />5,622,372
<br />5,914,336
<br />4,521,885
<br />4,234,670
<br />3,799,591
<br />$ 3,755,555
<br />$ 5,100,347
<br />$ 5,622,372
<br />$ 5,914,336
<br />$ 4,521,885
<br />$ 4,234,670
<br />Covered -Employee Payroll at Measurement Period $ 16,582,758 $ 15,390,628 $ 14,507,143 $ 12,157,999 $ 11,749,281 $ 11,749,281
<br />Total OPEB Liability as a Percentage of
<br />Covered -Employee Payroll 22.65% 33.14% 38.76% 48.65%
<br />Notes to Schedule:
<br />Information prior to adoption of GASB Statement No. 75 in fiscal year 2018 is not available.
<br />The plan is funded on a pay-as-you-go basis and is not administered as a formal qualifying trust. There were no plan assets as of
<br />the date of the most recent valuation. Since there are currently no invested plan assets held in trust to finance the OPEB liability,
<br />the discount rate is based on the S&P 20 -year municipal bond rate published as of September 30, 2022.
<br />Changes in Assumptions
<br />A change in the discount rate from 2.43% in the prior reporting period to 4.77% for the current reporting period. Also reflected as
<br />assumption changes are updated health care costs and premiums.
<br />This schedule is presented as required by accounting principles generally accepted in the United States ofAmerica; however,
<br />until a full 10 -year trend is compiled, information is presented for those years available.
<br />38.49% 36.04%
<br />72
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