WVML Press
The workshop featured Jason Haught, Chief Finance Official for the WV Public Employees Insurance Agency. Mr. Haught advised that with recent changes to governmental accounting standards via GASB Statements 43 & 45, employers will now have to begin recognizing the expense of providing post employment benefits prior to paying such. Per GASB 45, governmental entities must now recognize this expense as it is incurred, or earned by the employee. This expense encompasses both the amortization of benefits earned in the past and current year’s benefits.
Board Chairman and Wheeling Mayor Nick Sparachane presided over the Home Rule Board meeting on the campus of West Virginia University on Wednesday. The home rule applications of Wheeling, Charleston, Huntington and Bridgeport were all approved.
This is only the beginning of the process. Now, each city is left to draft and pass ordinances through their respective City Councils that will include more specific information regarding their plans.
"Think about how interesting some of these council meetings will be when the cities want to pass these ordinances. The citizens will probably get pretty excited about a lot of it, but that is why we have home rule - to give power to local elected officials," Sparachage said.
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