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Ttem #5.2. <br />~aa~.v <br />~1V~P <br />6r1Er10BtAnHDlBBM <br />`T ~.y~r aid ~~y ~uncil <br />~R ~"~r~ ~mon~ ~ina~c~ ~ir~c~or <br /> <br /> <br />~~ dune ?~~4, ove~~n~en~a~ ~ccoun~in~ ~andaxds Board C~.} issued s~a~en~en~ No, <br />4~ - cco~~t~ti~~ ~~c~~~~~cra~ ~•~~~~~r'~~ ~~~ e~~~~~o~~r•s~ f o~• ~aa,~~~~~~~o~r~~~~~ be~~~i~~ o~~~e~• <br />~~~cr~~ ~ae~~~Yr~~~s. ~~nplo~ees are compensated ~~ ~~~ se~~~ces provided. The ~enefi~s <br />received soda inciud~e ~~ lip and insurance premiums. The enefi~ ~ece~ved <br />i~~ ~I~~ ~~ur c~~ iniude i~e~~ns ii~e re~ire~~en~ i~o~~e .~d posh re~ire~x~en~ eai~h care <br />ene~~s, T~~se ~~u~e ~~~e~~s oti~er ~%an pensions are called ~~~~r ~'~~~-n~pio~~nen~ <br />~enefi~s ~~~~. Tie in~en~ ~~' ~%e s~an.dd u~as ~o ~nove fi.•on~ a casi~ basis o~i pa~~as- <br />~ou ~o a~ ~ pa~'in~ for APB to a.n accrual ~as~s ~~` ae~oun~i~~~. lies wi~i~ fee~• i~a~n <br />?~~ en~plo~eesl~•e~iree are requi~~ed ~o i~ave n actuarial ~aiua~io~ a~ leash ~riennlaii~, <br />cuen~ly lave ~xound i?o full~~in~e empio~rees~ <br />~1 ~aten~en~ ~~, ~S i applicable ~o ~I~e icy of~Il~ diver iu de~e~~~inin~ the <br />addi~io~ai cosh ~' i~~ciu~in~ refired en~ploees in ~i~e same l~eai~la pl.~~ used b~ our ac~i~e <br />en~plo~ees. Tl~.is is ~~~~~ as ~~~e "~n~pl~cit rake subside. ~l~ic% rnens if retirees pad ~e <br />sa~~ne l~ea~i~l~ insurance cons ~l~ere i an i~pliei subsidy ~o ~%e retiree. ~ only does ~~is <br />liabi~i~ ~a~:e into accou~~t ~l~e euen~ retirees, but e v~i~l alie assun~p~ions and <br />probabilities of all en~pio~ee ~.~ ~l~e i~~. ~l~er n~unicipal~ties n~a offer future bene~~~s <br />like ~•e~iree l~eal~l~ insura~~ce pren~iun~s paid and bud~e~ed by ~l~e icy in wl~icl~ case ~l~e <br />iia~~li~ ~aa~ ~e 1~,nifiean~l~ l~iie~•. <br />for ou~• ~~~ financial s~a~en~en~s fi%e ~~~ perfo~•n~ed n actuarial ~alu~ion ofd%e o~l~r <br />pos~~e~r~pla~men~ ben.efi~, The firm flan ~waarden leas con~ple~ed Abe ae~ua~.~ial <br />calcuiion and Abe results ill be incarpora~ed ~ ~l~e ?o0S f nancial s~a~en~ent; Tl~e <br />prin~a~.• number used ~o de~er~nine ~~e liabili~~ ~~ report ~, ~l~e financial s~a~en~en~s is she <br />actuarial accrr~ed liabili~~ l~icl~ i SS,' ~ 8, ~ l~a~ discussed the amounts ~~ ~l~e id's <br />auditors and tl~e indicated ~l~a~ Abe prelin~inar~r an~o~~ loop in~aterial ~ ~lxe financial <br />taen~en~s and may on.l~ require uo~e disclosure. ~~ ~e decide ~o report ~l~e liabi~i i~ Abe <br />ta~emen~ of e~ assets, ~e i could dei~na~e fund balance ~~ the e~erance ~a~ <br />