Pay As You Go basis, which means that the State does not pre-fund, or otherwise establish a reserve or other pool of assets against the PRM expenses that the State may incur in future years. For Fiscal Year 2022, the State contributed $1.9 billion to pay for "pay-as-you-go" PRM benefit costs incurred by covered populations, a slight increase from $1.8 billion in Fiscal Year 2021. The State has appropriated $2.1 billion in Fiscal Year 2023 as the State's contribution to fund increases in prescription drugs and medical claims costs. In accordance with the provisions of GASB Statement NO. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, the State is required to quantify and disclose its obligations to pay Other Postemployment Benefits (OPEB) to retired plan members. This new standard supersedes the previously issued guidance, GASB Statement No. 45, Accounting and Financial Reporting for postemployment Benefits Other Than Pensions, effective for Fiscal Year 2018. The 7 State is now required to accrue a liability in all instances where statutory language names the State as the legal obligor for benefit payments. The Fiscal Year 2022 State OPEB liability to provide these benefits is $88.9 billion, a decrease of $12.7 billion, or 12.5 percent from the $101.6 billion liability recorded in Fiscal Year 2021. Additional information on Pensions and OPEB can be accessed on the Division of Pensions & Benefits Financial Reports webpage: https://www.state.nj.us/treasury/pensions/financial-reports.shtml.
Pay As You Go means as set out at Clause 8.5;
Pay As You Go has the meaning set forth in Section 3.02.
Examples of Pay As You Go in a sentence
This may include repairing or updating the Smart Meter, changing your Smart Meter from a credit meter to a Pay As You Go meter or disconnecting your supply (all in accordance with the terms of your Contract).
Pay As You Go Financing is not an upfront grant, but rather a program that allows eligible projects to be reimbursed for a portion of their annually paid property taxes.
If we Disconnect you for non-use of Three Services as set out in this section any unused credits or allowances on Pay As You Go Vouchers or Add-ons remaining on your account on Disconnection will be forfeited.
PAYG means Pay As You Go withholding.SDS means Sydney Diocesan Secretariat.
To default on payment without contacting your supplier may affect your credit rating and this may result in disconnection from your supply or the installation of a prepayment/ Pay As You Go meter.
More Definitions of Pay As You Go
Pay As You Go means the account payment option where the ac- count is charged at regular intervals based on use. This option re- quires the customer to provide a valid debit or credit card and no prepaid balance is necessary.
Pay As You Go means the purchase option whereby the consumer pays the listed price, subject to promotions or savings, without any future obligation on the part of the consumer.
Pay As You Go approach, on the other hand, means that the cost of all infrastructure and other capital expenditure is paid in cash. Assets are obtained and infrastructure constructed as and when current revenue becomes available. This means that everything is paid in cash and nothing is financed from loan money, which forces a municipality to operate within its financial means. This form of financing could cause instability in the tax system and be detrimental to economic stability. This instability is caused by the fluctuating demand for infrastructure, which could cause the yearly capital investment to vary. According to Gildenhuys (1997), borrowing and loan financing are necessary, and for local authorities to maintain a high standard of discipline would entail adhering to the classical approach and complying with six key conditions:
Pay As You Go means paying for Project Costs directly from DIF revenues collected, in contrast to using the proceeds of debt to pay such costs.
Pay As You Go means that workers’ current contributions pay for pensioners’ current benefits.
Pay As You Go means the Company’s PAYGo™ Service and (C) “Core Wireless” means the Company’s monthly voice service and excludes Broadband and Pay-As-You-Go.
Pay As You Go means a method of financing in which the costs of a Project are financed without notes or bonds, and the approved costs of such Project are reimbursed after Project completion as monies are deposited in the District fund.