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How is the budget affected? <br />• The budget will only reflect what is actually <br />paid <br />— Pay -as- you -go amount if that is what is paid <br />— ARC if that is what is paid <br />— Somewhere in between if that is what is paid <br />• GAAP does not require certain funding <br />decisions to be made <br />Recent Frequent Questions <br />(and Misconceptions) <br />• Are we required to early implement from a <br />GAAP perspective IF an actuarial study is <br />performed early? <br />• When are we required to report the results <br />of an actuarial study in our official <br />statements? <br />• Are rating agencies requiring governments <br />to switch to full - funding policies? <br />D <br />