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KPSC Annual Report Extensions May be Needed for Utilities Participating in “CERS”

KPSC Annual Report Extensions May be Needed for Utilities Participating in “CERS”

This correspondence is intended for a water district (“District”) or water association (“Association”) who participates in the County Employment Retirement System (“CERS”).  A District or Association who is not a CERS participant may disregard this notice.

It has come to our attention that the audit of the CERS net pension liability (“NPL”) for the fiscal year ending June 30, 2016 will not be complete until after March 1, 2017.  After the audit is complete, CERS will post to its website each participant’s allocated share of the NPL.

Pursuant to Governmental Accounting Standards Board Statement No. 68, a District or Association who is a CERS participant may be required to include its allocated share of the NPL in its audited financial statements that will be made a part of its Annual Financial and Statistical Report (“Annual Report”), which is required to be filed with the Commission on or before March 31, 2017.  Recognizing that additional time beyond March 31, 2017, may be required to complete the financial statement audits of the Districts and Associations who are required to report the NPL, the Commission will extend the due date of their Annual Report to May 31, 2017, upon request.

To receive the extension, a District or Association must submit a request to the Commission on or before March 31, 2017The request must clearly state that the District or Association is a CERS participant and that it is requesting an extension to file its Annual Report until May 31, 2016.  Please file the original hard copy Report of Gross Operating Revenues prior to submitting an extension for filing your Annual Report. 

Direct any request for Annual Report extensions by email to PSC.Reports@ky.gov.