The delay is over. On July 15, 2019, the State of New Jersey State Health Benefits Program issued their report on Postemployment Benefits Other Than Pensions that every governmental entity in the State was waiting for. This delay prevented all New Jersey governmental entities, which include municipalities, authorities and fire districts from filing their annual audit by the statutory deadline. The issuance of the report will enable local governmental entities, to complete their financial statements and note disclosures in compliance with Government Auditing Standards Board Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. The State of New Jersey Division of Local Government Services in the Department of Community Affairs previously notified the appropriate governmental entity official that audit reports are due within 45 days after the issuance of the report.
Be sure to speak with your financial advisor about the best ways to maintain compliance with GASB 75.