June 29, 2009

Re:  Local Finance Notice on GASB 45 OPEB

Dear Mayor:                        

The Division of Local Government Services has just posted Local Finance Notice 2009-13 on their website. The LFN details your responsibilities to provide financial reporting on “other post employment benefits” (OPEB) provided to employees.   The reporting requirement stems from financial reporting standards issues by the Government Accounting Standards Board (GASB) as GASB Statement 45 , initially covered in Local Finance Notice 2007-15. Finance professionals should review both Notices.

The LFN can be accessed at http://www.state.nj.us/dca/lgs/lfns/09lfns/2009-13.doc
Please direct any questions to the Division of Local Government Services.

Very truly yours,

 William G. Dressel, Jr.
Executive Director