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District on track to close FY25; GASB guidance will require recognizing sick-leave liability
Summary
Finance staff told the committee on Aug. 28 that FY25 closeout is on schedule and that new Governmental Accounting Standards Board guidance will require the district to recognize a liability for accrued sick leave — staff estimated a working liability of about $35 million against roughly $100 million of accrued leave.
ANCHORAGE, Alaska — Anchorage School District finance staff told the finance committee on Aug. 28 that preliminary FY25 closeout is proceeding on schedule and that new accounting guidance will change how the district reports accrued sick leave and certain revenue-risk disclosures.
“For context, we have about a $100,000,000 in sick leave, sitting in employees' banks right now,” said…
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