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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... 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... 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... Read More