(c) GLI OPEB Liabilities, GLI OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Group Life Insurance Program OPEB At June 30, 2020 and 2019, the Authority reported a liability of $2,162,474 and $1,951,000, respectively, for its proportionate share of the Net GLI OPEB liability. The Net GLI OPEB Liability was measured as of June 30, 2019 and the total GLI OPEB liability used to calculate the Net GLI OPEB Liability was determined by an actuarial valuation as of that date. The covered employer’s proportion of the Net GLI OPEB Liability was based on the covered employer’s actuarially determined employer contributions to the GLI Program for the year ended June 30, 2019 relative to the total of the actuarially determined employer contributions for all participating employers. At June 30, 2019, the participating employer’s proportion was 0.128% as compared to 0.133% at June 30, 2018. For the year ended June 30, 2020, the Authority recognized GLI OPEB expense of $89,518. Since there was a change in the proportionate share between measurement dates, a portion of the GLI OPEB expense was related to deferred amounts from changes in proportion. At June 30, 2020, the Authority reported deferred outflows of resources and deferred inflows of resources related to the GLI OPEB from the following sources: Deferred Outflows of Resources Differences between expected and actual experience Net difference between projected and actual earnings on plan investments Changes of assumptions Changes in proportion Employer contributions subsequent to the measurement date* Total $ $ 143,817 – 136,526 176,057 137,720 594,120 Deferred Inflows of Resources $ 28,049 44,419 65,208 – – $ 137,676 * Deferred outflows of resources related to the GLI OPEB resulting from the employer’s contributions subsequent to the measurement date will be recognized as a reduction of the Net GLI OPEB Liability in the fiscal year ending June 30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the GLI OPEB will be recognized in the GLI OPEB expense in future reporting periods as follows: Years Ending June 30, 2021 2022 2023 2024 2025 Thereafter Total $ Amount 47,197 47,199 66,012 78,857 63,404 16,055 $ 318,724 Information contained in the VRS GLI OPEB Program Notes to the Schedule of Employer Allocations and Schedule of GLI OPEB Program Amounts by Employer (Schedules) was extracted from the audited financial statements of the System for the fiscal year ended June 30, 2019. Additional financial information supporting the preparation of the VRS GLI OPEB Program Schedules (including the financial statements and the unmodified audit opinion thereon, and required supplementary information) is presented in the separately issued VRS 2019 Comprehensive Annual Financial Report (CAFR). A copy of the 2019 VRS CAFR is publicly available through the About VRS link on the VRS website at www.varetire.org, or a copy may be obtained by submitting a request to the VRS Chief Financial Officer, P.O. Box 2500, Richmond, VA 23218-2500. 68 FINANCIAL SECTION NOTES TO FINANCIAL STATEMENTS
Prince William County Service Authority | 4 County Complex Court Woodbridge, VA 22192
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