HomeMy WebLinkAboutRES 2007-01 - Board TRUCKEE DONNER
Resolution No. 2007 - 01 &11 - 'J
ADOPTING GOVERNMENTAL ACCOUNTING
STANDARDS BOARD No. 45:
ACCOUNTING AND FINANCIAL REPORTING BY
EMPLOYERS FOR POSTEMPLOYEMENT BENEFITS
OTHER THAN PENSIONS
WHEREAS, Governmental Accounting Standards Board (GASB) has issued Statement
No. 45 which addresses the accounting and reporting for certain "other" post retirement
employee benefits (OPEB's); and
WHEREAS, the District provides for certain payments towards retiree's health
insurance; and
WHEREAS, GASB requires that the District recognize, in its financial statements, the
cost for the future health insurance premiums for current employees earned during their
employment and/or an accrued liability for any unfunded costs.
WHEREAS, the Board of Directors needs to comply with the new GASB No. 45 ruling
no later than 2008; and
WHEREAS, the Board of Directors needs to establish an irrevocable trust fund to
accumulate funds for future costs for this benefit and that these funds be invested in a
longer-term instrument in order to maximize interest earnings;
WHEREAS, the Board of Directors has included and will continue to include an amount
in the annual District budget designated for the post retirement employee benefits
(OPEB's) fund;
NOW, THEREFORE, the Board of the District does hereby resolve as follows:
1. The Board of Directors does hereby adopt GASB NO. 45- Accounting and Financial
Reporting by Employers for Post employment benefits other than pension; and instruct
staff to accumulate funds in a designated fund toward this purpose in the actuarially
determined amount.
2. That during 2007, the Board will establish an irrevocable trust fund for the investment
of the funds for future costs for post retirement employee benefits (OPEB's).
1 Resolution 2007-01, GASB 45
PASSED AND ADOPTED by the Board of Directors of the Truckee Donner Public
Utility District in a meeting duly called and held within said District on the 17th day of
January, 2007 by the following roll call vote:
AYES: Directors Aguera, Hemig, Sutton, Taylor and Thomason
ABSTAIN: None
NOES: None
ABSENT: None
TRU DON7. C UTILITY DISTRICT
By
Tim F. Taylor, Pr id
ATTEST:
Peter L. Holzmeister, dierk of the Board
2 Resolution 2007-01, GASB 45