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Daily Douse

Category: Budgets & Costs

  • Actuarial Practice: Upholding the Standards

    By Craig Relyea, ASA, MAAA As actuaries, we are accredited members of an organization and subject to professional standards of practice. The Actuarial Standards of Practice (ASOPs) are promulgated by the American Academy of Actuaries and are intended to guide actuaries in their work. While Firefly clients are safe to assume that our actuaries are…

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  • Latest OSC Audit: Focus Shift to Financial Oversight of LOSAP

    This week, the Office of the New York State Comptroller (OSC) issued a press release regarding several audits that were concluded in late December 2023. One was report 2023M-132, which focused on the financial condition of a fire district. Follow this LINK to read the full report. For our purposes, the individual district is not material…

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  • GOVERNOR SIGNS BILL EXTENDING MAXIMUM SERVICE CREDIT TO 50 YEARS INTO LAW

    Today, August 20, 2021, Governor Cuomo signed bill S1091a / A2239a into law. Chapter 400 of the Laws of 2021 extend the maximum years of service credit that can be earned in a volunteer firefighter LOSAP from 40 years to 50 years. The bill amends both Section 218 (defined contribution plans) and Section 219 (defined benefit…

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  • COULD HUMAN LIFESPAN EXCEED 100 YEARS?

    An article which ran on CNBC.com on Wednesday May 8th had the following  key points: You can read the entire article here: www.cnbc.com/2019/05/08/techs-next-big-disruption-could-be-delaying-death.html The intention of this article was to alert investors to an opportunity. If this becomes a reality, it isn’t just the stock prices of these companies that will be increasing, but the contributions…

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  • FIRE DISTRICT LOSAP EXPENDITURES

    There is a lot of very good information available from the State of New York regarding government spending. Financial data for each type of government is available for download and review.  The LOSAP expenditure falls under the group heading of Employee Benefits. The specific category is labeled LOSAP/Miscellaneous, and I am unsure what type of…

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