New Jersey Division of Local Government Services Local Finance Notice 2023-10
Local Finance Notice 2023-10 CY2022 Audit Deadline Extension & GASB 68 & 75 for Municipal and County Audits
N.J.S.A. 52:27D-18.4 authorizes the Director to extend deadlines established in the Local Budget Law, Local Fiscal Affairs Law, and the Local Authorities Fiscal Control Law, along with various property tax-related deadlines under Title 54 of the New Jersey Statutes, when a Gubernatorially-declared state of emergency or public health emergency is in effect. The Director’s May 8, 2023 Order extends to September 29, 2023 the deadline for all local units with a calendar year budget cycle to complete and file their 2022 audits. This extension applies to counties, calendar year municipalities, and all calendar year authorities, including fire districts.
GASB 68 and GASB 75 Reporting – County and Municipal Audits
- GASB Statements No. 68 and No. 75 address reporting requirements for pension and post-retirement benefit liabilities, respectively. The audited financial information for each statement is released annually by the State’s Division of Pensions and Benefits. Municipalities and counties must include the above-referenced information as note disclosures in their audited financial statements.
Local Finance Notice 2023-10
Please follow the link below to read more about these items and guidance on how your local unit can implement them: https://www.nj.gov/dca/divisions/dlgs/lfns/23/2023-10.pdf
Contact Wielkotz & Company, LLC Today
For further information on Local Finance Notice 2023-10 and its implementation feel free to reach out to Steven Wielkotz at (973)-835-7900 ext. 201 or sdw@w-cpa.com.
