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GASB Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans for state and local governments. Implementation Toolkit Statement No. 67 will take effect for pension plans in fiscal years beginning after June 15, 2013 (that is, for years ended June 30, 2014 or later). GASB Statement No. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most state and local governments that provide their employees with pension benefits. Implementation Toolkit Statement No.68 will take effect for governments in fiscal years beginning after June 15, 2014 (that is, for years ended June 30, 2015 or later).   Read More

According 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. Read More

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   Read More

  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... Read More