The Village of Lake Orion provides other post employment benefits (OPEBs) to certain employees hired prior to July 1, 2007, in the form of retiree health insurance, through which the village pays 75% of the cost of premiums for retired employees and their spouses. Employees hired on or after July 1, 2007, are not eligible for this benefit.
The reports reports below are prepared to provide the information necessary to comply with Governmental Accounting Standards Board (GASB) Statement Nos. 74 and 75. This information may, at the discretion of the village and its auditor, be used for the preparation of the village's financial statements.