FY 23 Approved Budget Book

HARFORD COUNTY OTHER POST EMPLOYMENT BENEFITS PLAN TRUST FUND FISCAL YEAR 2023

Other Post Employment Benefits Plan Trust Fund Statement of Estimated Net Position

Purpose

Net Position Held In Trust for OPEB June 30, 2021

Harford County Other Post Employment Benefits Plan (OPEB) Trust Fund was established effective July 1, 2007. In June 2004 the Government Accounting Standards Board (GASB) released Statement 45 which revised the GAAP accounting standards for post employment benefits other than pensions (OPEB). This standard would most typically be applied to post-retirement medical and life insurance benefit that are both provided to Harford County retirees. Prior to this new standard, these benefits were accounted for on a pay as you go basis. The new standard requires these benefits be accounted for on an accrual basis. An actuarial firm has been retained to provide services to the OPEB Trust Fund. The Trustees have formalized an investment policy and custody agreement for the investment of the Trust Fund assets.

175,525,450

Estimated Revenues: Investment Income

10,600,000 1,750,000 11,798,000

OPEB Retiree Payment County Contributions Total Estimated Revenues

24,148,000

Estimated Expenses: Financial/Audit

(375,000)

OPEB Benefits

(12,385,000)

Total Estimated Expenses

(12,760,000)

Estimated Net Position Held In Trust for OPEB June 30, 2022

186,913,450

Fiscal Year 2022-2023

Estimated Revenues: Investment Income

12,200,000 1,028,000 4,983,000

OPEB Retiree Payment County Contributions Total Estimated Revenues Estimated Expenditures: Life Insurance Payments Health Insurance Payments

18,211,000

(100,000)

(10,356,000) (25,000) (400,000) (7,330,000)

Management Services

Financial/Audit

Unfunded Liability Contribution Total Estimated Expenditures

(18,211,000)

Estimated Net Position Held In Trust for OPEB June 30, 2023

186,913,450

848