02-16-2018, 09:38 AM
OLD NEWS! I found this one from 6 years back.
http://bigislandnow.com/2012/06/19/hawai...in-nation/
The issue has been what are GASB 45 obligations, short for a form from the Governmental Accounting Standards Board.
In 2006, the board began requiring municipalities to report estimated liabilities for health-care payments for future retirees for accounting purposes. During the next four years, Hawaii County made about $61 million in estimated payments.
However, for the past two years, Mayor Billy Kenoi has opted to postpone $34 million in GASB payments in order to balance the county’s budget.
The Kenoi administration notes that the county has covered its obligations for current retirees, and is not required to make the GASB payments. It also notes that the state, Maui County and City and County of Honolulu have not made any GASB payments.
http://bigislandnow.com/2012/06/19/hawai...in-nation/
The issue has been what are GASB 45 obligations, short for a form from the Governmental Accounting Standards Board.
In 2006, the board began requiring municipalities to report estimated liabilities for health-care payments for future retirees for accounting purposes. During the next four years, Hawaii County made about $61 million in estimated payments.
However, for the past two years, Mayor Billy Kenoi has opted to postpone $34 million in GASB payments in order to balance the county’s budget.
The Kenoi administration notes that the county has covered its obligations for current retirees, and is not required to make the GASB payments. It also notes that the state, Maui County and City and County of Honolulu have not made any GASB payments.