Update on Information Concerning FY18 Financial Audit and GASB 75

Superintendents and Business Managers,

Attached to this email is a letter issued by the Office of the State Auditor (OSA) detailing recent events that impact schools districts and the reporting of the Other Post-Employment Benefits (OPEB) liability.  In summary, school districts will receive information from the Department of Finance and Administration – Office of Insurance (DFA) that can be utilized to prepare the liability for disclosure in the financial statements.  The date of release of the information is not yet known, but we will continue our communication with the DFA and the OSA to provide that as soon as possible.  School districts will not need to acquire actuarial services to calculate the liability.

This is good news for school districts and we are grateful to everyone involved for the accomplishment of a successful outcome.  If you have any questions, feel free to contact me at 601-359-3294.

Donna

Donna C. Nester, Bureau Manager
Office of School Financial Services

MISSISSIPPI DEPARTMENT OF EDUCATION
P.O. Box 771 | Jackson, MS | 39205-0771
Tel  (601)359-3294 | Fax: (601)359-3414

www.mdek12.org

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