Revisions to OPEB Budgeting Requirements for Local Authorities - 11/16/2009

Local Finance Notice 2009-25 removes the requirement for local authorizes and fire districts to appropriate their annual required contribution for Other Post-Employment Benefits in their budget. Local Finance Notice 2009-13 has been revised to remove the requirement. LFN 2009-25 provides additional guidance on how OPEB liabilities are to be displayed on balance sheets and budget disclosures.

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The Federal Trade Commissions has announced that it will further delay the enforcement of its Red Flag Rule until June 1, 2009.  The delay is to give creditors, including municipalities and financial institutions, additional time to understand and comply with the requirements of the rule, which include developing and implementing written identity theft programs.  Details on the delay can be viewed online.  Information regarding their impact on New Jersey local units is found in Local Finance Notice 2009-9R.      

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In light of the recent bankruptcy and apparent theft of public funds by the payroll servicing company Ameripay, the Division has prepared Local Finance Notice 2009-18 that covers the risks and internal controls that all local units should address when dealing with any third party payment organization.  It includes a reminder about rules and a guide issued by the Division several years ago on this issue which should be reviewed by all local units using third party organizations for financial transactions.

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The Director of the State's Division of Public Contracts Equal Employment Opportunity Compliance is required to notify all public agencies no later than July 15th of each year of the funding mechanism for on-the-job and/or off-the-job outreach and training programs for minorities and women in the construction trades administered by the Department of Labor and Workforce Development.  This important notification to local units should be shared with your agencies fiscal and construction contracting personnel.

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