SNOW HILL – Concerns regarding retiree health care costs dominated a review of Worcester County’s latest audit this week.
During a presentation of the Worcester County Comprehensive Annual Financial Report for the year ending June 30, 2018, the Worcester County Commissioners focused on rising OPEB (other post-employment benefits) costs. The county’s OPEB liability, between county employees and school system employees, is roughly $350 million.
“In order to look at this, we’re going to have to look at funding mechanisms and we’re going to have to generate more income in the county so we can address this,” Commissioner Joe Mitrecic said.
Chris Hall of TGM Group told the commissioners the county’s financial statements presented fairly. He said a key change in this year’s audit had involved OPEB calculations. He said the rate of return used in calculating the school system’s OPEB liability had changed.