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April 28, 2006
Contra Costa County In $2.38B Hole
New accounting for pensions and other labor force liabilities may force companies and governments to think twice about long-term commitments.
If nothing changes, the liability for 2006-2007 under the current PAYGO system is $216,325,000 (see Table 2 on page 3 of the consultant’s report). According to new GASB accounting rules, “such liabilities need to be recognized on an accounting basis if not be pre-funded.”
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Posted on April 28, 2006 07:41 PM by accoun250.
Filed in Office Max! under accounting.
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