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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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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