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CABARRUS COUNTY, NORTH CAROLINA NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended June 30, 2021 4. Deferred Outflows and Inflows of Resources DeferredOutflows ofResourcesDeferredInflows ofResourcesCharge on refunding of debt11,345,213$ ‐$ (Pensions, OPEB) ‐ difference between expected and actual experience 5,349,956 8,880,397 (Pensions, OPEB) ‐ change of assumptions11,750,008 2,429,380 (Pensions) ‐ Net difference between projected and actual investment earnings4,160,998 44,181 Pensions ‐ change in proportion and difference between employer contributions andproportionate share of contributions373,629 97,073 Contributions to pension plan subsequent to measurement date (LGERS, ROD)6,183,791 ‐ Benefit payment | administrative costs paid subsequent to the measurement date (LEOSSA)264,577 ‐ Benefit payment | administrative costs paid subsequent to the measurement date (OPEB)1,142,550 ‐ Prepaid taxes not yet earned ‐ 1,037,264 Government‐wide deferred outflows and inflows of resources40,570,722 12,488,295 Taxes receivable, net (General) ‐ 2,356,620 Ambulance receivable, net (General) ‐ 1,664,519 Total $ 40,570,722 $ 16,509,434 5. Risk Management The County is exposed to various risks of loss related to torts, theft of, damage to, destruction of assets, errors and omissions, injuries to employees, and natural disasters. The County participates in a property liability program, which is financed by using a combination of self‐funding and purchase excess insurance coverage through Arthur J. Gallagher & Co. A property liability insurance fund was established to track all financial transactions related to this program. The County retains the first $350,000 in liability insurance. Above the $350,000 retention is purchased up to a total limit of $3,000,000 per occurrence and 6,000,000 aggregate. The property insurance program is financed using a combination of self‐funding and insurance purchased through Travelers Insurance. Excess property insurance above a $25,000 deductible is purchased based on estimated replacement values submitted to the Excess Property Company each year. Special deductibles apply for certain perils such as flood, earth movement, boiler, machinery, and the Stough Road location. The County purchases primary policies for Emergency Medical Services (EMS). The policies provide coverage for physical damage to EMS units, equipment, and automobiles, general and medical professional liability. Fidelity exposures are covered through the purchase of bonds. Arthur J. Gallagher secures the purchase of these bonds on behalf of the County. 86
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