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Glacier County approves $7,000 GASB 75 valuation for retirement liabilities
Summary
Commissioners authorized payment of $7,000 for a GASB 75 actuarial valuation required for the county's audit and AFR. Staff said the county previously used Northwest Actuaries (now operating as 1Digital) and expects the valuation to be an annual requirement.
The Glacier County Commission voted Feb. 24 to pay $7,000 for a GASB 75 actuarial valuation that calculates the county's share of retiree-related liabilities for financial reporting.
Speaker 4 introduced the item and Chancy Kinston (Speaker 2) explained the purpose: "In preparing our AFR and the audit, we're required to do a calculation that deals with the county retirement contributions and how they project the cost out and what that liability is to the county." Kinston said the county had used Northwest Actuaries previously; that firm now operates as 1Digital and will provide the valuation.
Commissioners agreed the work is a routine requirement for the audit. Speaker 6 moved to approve payment of $7,000 for the GASB 75 valuation covering fiscal years 2026 and 2027; Speaker 5 seconded and the motion passed by voice vote.
Why it matters: GASB 75 valuations are required for transparent reporting of post-employment benefit liabilities; the valuation informs budgeting and long-term liability planning for the county.
