05
DEC
2013

According to the GFOA, an expected rate of return of 7.75% is in line with market consensus.

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newsletter-headerAccording to the December 5, 2013 GFOA newsletter: The latest Milliman Public Pension Funding Study results indicate that most plans have set their interest rate assumptions and measured their pension liabilities in a realistic, actuarial manner that is consistent with long-term market return expectations. Overall, funded ratios are down slightly, by 2.6%. In addition, 29 of the 100 plans in the study have lowered their interest rate assumptions since 2012. The median interest rate used by the plans decreased to 7.75% in the 2013 study from 8% in the 2012 study, which is in line with a generally declining market consensus on expected long-term investment returns.

05
DEC
2013

FDOT Reimbursement Rate Audit – 2013 changes

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Effective with the 2013 reimbursement rate audits, the Florida Department of of Transportation will reimburse the costs of permits as a separate direct cost rather than through the direct expense percentage submitted annually as part of the reimbursement rate audit. See the attached letter to FDOT consultants for more information: FDOT 2013 Notice to Consultants

 

04
NOV
2013

“Availability” and Governmental Fund Revenue

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According to GASB codification Section 1600.106, the following excerpt attempts to explain the “availability” concept.

Revenue Recognition

.106 Revenues and other governmental fund financial resource increments (for example, bond issue proceeds) are recognized in the accounting period in which they become susceptible to accrual—that is, when they become both measurable and availableto finance expenditures of the fiscal period. “Available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Application of the “susceptibility to accrual” criterion requires judgment, consideration of the materiality of the item in question, and due regard for the practicality of accrual, as well as consistency in application. The length of time used to define available for purposes of revenue recognition in the governmental fund financial statements should be disclosed in the summary of significant accounting policies.

07
JAN
2013

This is Just a Single Clean Post

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06
DEC
2011

Post With Left Sidebar

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