These refer to a fairly major change in accounting standards from GASB ( Government Accounting Standards Board) number 67 and 68. Starting later this year, participating employers will begin reporting a proportionate share of the pension liability on their financial statements for the first time.
At last Thursday's BoS meeting, the 2014 audit was presented and the Town was advised of these two accounting changes. The impact to Moultonboo is that in next years financial statement, we will see pension liability of about $4.5million.
It is important to understand is that this is not a change in the funding formula, it will not impact the tax rate and is not a bill in the sense that employers are being asked to pay down the liability.