(c) Changes in the Net HIC OPEB Liability Total Balances at June 30, 2018 Changes for the Year: Service cost Interest Changes of assumption Difference between expected and actual experience Contributions - employer Net investment income Benefit payments, including refunds of employee contributions Administrative expense Other changes Net changes Balances at June 30, 2019 $ HIC OPEB Liability $ 563,273 19,224 38,101 14,536 36,748 – – (37,946) – – 70,663 633,936 $ Increase (Decrease) Plan Fiduciary $ Net Position 351,013 – – – – 36,426 22,663 (37,946) (488) (26) 20,629 371,642 Sensitivity of the Net Position Liability to Changes in the Discount Rate The following presents the Authority’s net HIC OPEB Liability, using the current discount rate, as well as what the collective net HIC OPEB Liability would be if they were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate: 1% Decrease (5.75%) Net HIC OPEB liability $ 326,542 Current Discount Rate (6.75%) $ 262,294 1% Increase (7.75%) $ 207,358 (d) HIC OPEB Liabilities, HIC OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Health Insurance Credit Program OPEB For the year ended June 30, 2019, the Authority recognized Health Insurance Credit Program OPEB expense $38,910. At June 30, 2019, the Authority reported deferred outflows of resources and deferred inflows of resources related to the HIC OPEB from the following sources: Deferred Outflows of Resources Net difference between projected and actual earnings on plan investments Differences between expected and actual experience Changes of assumptions Employer contributions subsequent to the measurement date* Total $ $ 1,873 49,633 12,366 36,753 100,625 $ Deferred Inflows of Resources $ 5,680 – 14,142 – 19,822 * Deferred outflows of resources related to HIC OPEB resulting from the Authority’s contributions subsequent to the measurement date will be recognized as a reduction of the HIC OPEB Liability in the year ending June 30, 2021. $ Net HIC OPEB Liability $ 212,260 19,224 38,101 14,536 36,748 (36,426) (22,663) – 488 26 50,034 262,294 72 FINANCIAL SECTION NOTES TO FINANCIAL STATEMENTS
Prince William County Service Authority | 4 County Complex Court Woodbridge, VA 22192
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