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Commissioners accept GASB OPEB report showing $35.7 million liability

2061609 · January 1, 2025

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Summary

The commission accepted a GASB 74/75 report showing the county's OPEB liability and why auditors and rating agencies require the statement.

Finance staff presented a GASB 74/75 report on the county’s other post‑employment benefits (OPEB) liabilities and the commissioners voted to accept the report for fiscal year 2024.

Staff summarized key figures from Stone Consulting’s review: after a plan fiduciary payment of $2,612,521, the county’s total OPEB liability was reported as $35,703,506. The plan currently covers 436 individuals (232 retirees, disabled survivors and beneficiaries, plus 201 active plan members). Finance staff noted the county makes regular contributions—about $140,000 on average in typical years—and occasionally makes additional contributions in favorable revenue years.

The report is used by auditors and rating agencies and will be part of the FY24 audit record. Commissioners voted unanimously to accept GASB statements report number 7475 for fiscal year 2024.

Why it matters: the OPEB liability appears on the county’s financial statements and affects long‑term fiscal planning and credit considerations, and acceptance of the report fulfills reporting requirements for auditors and bond raters.