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<p class="MsoNormal">Greetings ACFR Contacts,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I have an important update regarding the FY24 adjusting beginning balance restatement entries for Compensated Absences related to GASB 101. Last week, you received an email from your SARS Analyst with this information. Upon further review,
we found that the FY24 ending liability balance was overstated. Therefore, SARS needs to send updated information to agencies for recording the correct Compensated Absence liability balance for FY24. I apologize this news is coming to you late, I was hoping
to avoid having this restatement, but the difference in the liability was too significant to ignore.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b>Action Required:</b><o:p></o:p></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="mso-list:l0 level1 lfo1">If your agency has already recorded the adjusting beginning balance entries, including the Change in Accounting Principal in GL 3064,
<b><u>please reverse these entries by the close of business this Friday, July 18</u></b>.<o:p></o:p></li></ul>
<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="mso-list:l0 level1 lfo1">If your agency has not made these entries yet,
<b><u>please do not make them</u></b>.<o:p></o:p></li></ul>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">SARS will send updated FY24 reports by this Friday, July 18. Agencies will have until Friday, July 25, to make the new correcting entries. It is crucial that these updated entries are recorded before the FY25 Compensated Absence entries
in R*STARS. I apologize for any extra work this reversal request may cause your agency.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">If you have any questions, please reach out to me.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thank you, <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Valya<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="mso-ligatures:standardcontextual"><o:p> </o:p></span></p>
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Rizzo</span></b><span style="font-size:13.0pt;font-family:"Calibri",sans-serif;mso-ligatures:standardcontextual"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Calibri",sans-serif;color:black;mso-ligatures:standardcontextual">Statewide Accounting and Reporting Services Manager<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Calibri",sans-serif;color:black;mso-ligatures:standardcontextual">Office of the State Controller<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Calibri",sans-serif;color:black;mso-ligatures:standardcontextual">Chief Financial Office<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Calibri",sans-serif;color:black;mso-ligatures:standardcontextual">Cell: 971-900-9991<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:13.5pt;text-indent:-13.5pt"><span style="font-size:10.0pt;font-family:Roboto;mso-ligatures:standardcontextual"><a href="http://www.oregon.gov/DAS/financial/acctng"><span style="color:blue">http://www.oregon.gov/DAS/financial/acctng</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;mso-ligatures:standardcontextual"><o:p> </o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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