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I <br /> H. COST OF VESTED VACATION AND SICK LEAVE BENEFITS <br /> , <br /> � I <br /> PRIOR YEARS FINDING <br /> The Town, has not determined the accumulated cost of vested vacation <br /> and sick leave benefits for Town employees as of June 30, 1988; there- <br /> fore, the Town' s liability has not beer, reflected in the fiscal year <br /> 1988 financial statements. The National Council on Governmental Ac- <br /> counting in their Statement 4 "Accounting and Financial Reporting <br /> I <br /> Principles for Claims and Judgements and Compensated Absences" advo- <br /> cates that the combined financial statements include the cost of <br /> vested vacation, and sick leave benefits. Statement 4 was recently in- <br /> cluded as part of the "Codification of Governmental Accounting and <br /> Financial Reporting Board Standards" issued by the Governmental Ac- <br /> counting Standards Board (GASB) . We feel the Town should develop the <br /> necessary records to determine the cast of vested vacation, and sick <br /> leave benefits. <br /> CURRENT YEARS STATUS <br /> The Town has taker, no action, in regards to this finding. <br /> I I <br /> f <br /> i <br /> I <br /> 19 <br />