Intergovernmental Financial Dependency
Fiscal Responsibility is Chief Concern at VSCPA Town Hall Meeting
Experts from around Virginia recently met with 80 local professionals to discuss the importance of fiscal responsibility in the coming year. Opening speeches were followed by an open forum to discuss a CPA’s role in navigating the economic recovery.
Revenue Shortfalls Continue to Impact Local Governments Budgets, Decrease Expected in Intergovernmental Funding
CB&H’s Inaugural Government Benchmarking Study highlights concerns with budget shortfalls and intergovernmental dependency Depressed economic conditions and rising federal deficits continue to have a profound impact on local governmental entities, according to a new survey of government financial and operational leaders throughout the Southeast. Yet despite revenue shortfalls, 59% of respondents state that the position of their board/commission on property tax is to maintain the current tax rate and reduce the cost of services. Only 3% plan to raise taxes in order to balance the budget. The study, sponsored by Cherry, Bekaert & Holland, L.L.P. (CB&H) , identifies a number of significant trends on a wide range of timely. Read More.
CB&H’s Ed Mazur to Speak at Association of Government Accountants Luncheon
Cherry, Bekaert & Holland, L.L.P. (CB&H) is pleased to announce that Edward J. Mazur , a Senior Advisor for Governmental Financial Management, will be speaking at the DC Chapter of the Association of Government Accountants’ Luncheon , scheduled for Wednesday, September 23, at Clyde’s of Gallery Place . Ed’s remarks will be based on a new three-volume report, entitled “ Intergovernmental Financial Dependency and Related Risks ,” published in June by Cherry, Bekaert & Holland, and for which Ed served as principal author and editor. Although not always recognized, the financial resources flowing from one level of government to another are most often significant in amount and critical to the budget, staffing, and operations of the recipient government. Yet, notwithstanding the recent passage of the American Recovery and Reinvestment Act of 2009 ,. Read More.
CB&H Government Seminars Scheduled for Charlotte and Morrisville
Cherry, Bekaert & Holland’s Government Services Group has announced two new all-day seminars to discuss several key issues of concern to state and local government professionals. Topics scheduled to be covered include to following: Stimulus Money & Single Audit Changes GASB Update LGC Update Risk Assessment & Fraud CAFR Issues Reporting Intergovernmental Financial Dependency
CB&H Publishes Report on Intergovernmental Financial Dependency and Related Risks
Cherry, Bekaert & Holland is pleased to present a new and far-reaching model for reporting intergovernmental financial dependency within the Comprehensive Annual Financial Reports (CAFRs) of state and local governments. Titled “Intergovernmental Financial Dependency and Related Risks with Proposed Reporting by State and Local Governments,” this three-volume report provides a comprehensive examination of the financial reporting implications associated with the significant degree of financial dependency now existing between our nation’s three levels of government: Federal, State, and Local. It is provided in the public interest by Cherry, Bekaert & Holland at a time when all three levels of government are under significant financial stress—and when flows of intergovernmental funds are more critical than ever, but at risk of change. The Executive Summary,. Read More.
Stimulus Funds Place State and Local Governments in the Hot Seat
In his article “The Stimulus Hot Seat,” for Governing Magazine , Paul Posner describes the major challenges facing state and local governments as they receive ARRA funds. A nationally recognized expert on intergovernmental issues, former senior budget policy expert at GAO, and director of the public administration program at George Mason University, Posner provides an excellent summary of the financial, administrative and accountability requirements that every state comptroller and local government finance director will have to keep in mind as they support the effective use of federal stimulus funds. As outlined in his article, some of these challenges are as follows: Maintaining current state and local support levels so. Read More.