RVCC 2019 NECHE Self-Study

Noncurrent liabilities include liabilities for unfunded pension obligations and unfunded other postemployment
benefit (OPEB) obligations of $62.95 million and $116.18 million respectively. Also
included in noncurrent liabilities are noncurrent portions of long-term debt of $15.3 million, long-term
employee benefits accruals of $3.89 million, and other long-term liabilities of $490 thousand.
Noncurrent liabilities increased by $103.4 million during fiscal year 2018. The implementation of GASB
Statement No. 75 on postemployment benefits resulted in a negative cumulative effect adjustment of
$144.6 million as of July 1, 2017, however the liability for OPEB decreased to $116.2 million by yearend.
In addition, CCSNH experienced an overall decline in our unfunded pension liability of $9.3
million. Last, our long-term debt obligations decreased by $3.5 million due to normal amortization of
the bonds payable along with an adjustment by the State of New Hampshire for existing bond debt in
the amount of $1.5 million for a misallocation of bond debt to CCSNH.
In 2017, the overall liabilities increased by $10.1 million related primarily to the current year activity
associated with the net pension liability along with an increase in bonds payable of $940 thousand due
to an advance refunding through the issuance of new general obligation refunding bonds with an original
principal amount of $4.9 million. In 2016, liabilities increased by $707 thousand due to the net pension
liability recorded in connection with the adoption of the new accounting standard that year.
The increase in noncurrent liabilities from 2016 to 2017 was due to the increase in the net pension
liability of $11.9 million.
Deferred inflows of resources
Deferred inflows of resources are used to report acquisition of resources applicable to a future reporting
period. The balance in fiscal year 2018 reflects certain amounts related to other post- employment
benefits, pensions, and re-funding of bond debt.
190 | P a g e