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House approves SB94 to recognize post‑employment liabilities under GASB; amendment to change revenue allocation rejected
Summary
The House passed Senate Bill 94 to change statewide accounting for retirement liabilities under GASB, which carries a $45 million fiscal note and will require states to report $45 million more in liabilities (offset by a larger one‑time paper gain); an amendment to force tax revenue to be booked in the year received failed.
The Utah House of Representatives passed Senate Bill 94 on third reading to require the state to recognize post‑employment benefit liabilities on an accrual basis in line with a Governmental Accounting Standards Board (GASB) requirement.
Sponsor Representative Valentine told the House the bill produces a $45,000,000 increase in reported liabilities while creating a substantial paper gain elsewhere: "We have a $45,000,000 increase ... it will be offset by a $4,545,000,000 dollar…
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