Exposure Draft on Tax Abatement Disclosures Issued
Providing financial statement users guidance on tax abatement programs, an exposure draft for the proposed Tax Abatement Disclosures (Statement) has been issued by the Governmental Accounting Standards Board. Open for public comment, the proposed guidance focuses on tax abatements stemming from agreements entered into by a reporting government, along with those originated by other governments that cut the reporting government’s tax revenues. If approved, the Statement would mark the first time state and local governments are required to reveal information regarding property and other tax abatement agreements. Particularly, governments would have to disclose general information like the tax being abated, number of. Read More.
City Finance Officers Report Improved Fiscal Conditions
Despite factors like increased service costs and lower government aid continuing to put a strain on U.S. cities, statistics from the National League of Cities’ latest City Fiscal Conditions Survey reveal fiscal conditions are still on the upswing since the Great Recession. Per the 2014 survey, more city finance officers (80 percent) are reporting better conditions this year than any other time in the survey’s 29-year history. Additionally, for the first time in six years, more cities have increased their municipal workforces instead of decreasing the size. City finance officers are also predicting property tax revenues to experience their first. Read More.
Super Circular 101 Webinar Recording Now Available
For those who missed the October 9th webinar, “Super Circular 101—Proposed New Regulations for Grant Requirements and Compliance”, the recording is currently available on-demand. Featuring Cherry Bekaert’s Melisa Galasso and Carlene Kamradt, the webinar discusses the Office of Management and Budget-issued “Super Circular” that combines requirements from eight grant circulars into one set of guidance. To watch the replay, click here and complete the form.
New GASB Pension Rules’ Impact on Bond Ratings
Affecting state and local governments that issue bonds assessed by rating agencies, Governmental Accounting Standards Board (“GASB”) Statements No. 67 and No. 68 feature new pension reporting rules that add significant liabilities to governmental balance sheets. Effective earlier this year, the new rules have concerned numerous plan sponsors, as well as are potentially detrimental to government budgets that rely heavily on state and municipal bonds for funding. However, the new reporting rules will not impact most public plan sponsors’ credit ratings, and each locality should become aware of what rating agencies are intending to do. For the full article , visit the. Read More.
GASB Issues Technical Plan for the Rest of 2014
Similar to the Public Company Accounting Oversight Board releasing an updated agenda for the rest of the year, the Governmental Accounting Standards Board (“GASB”) has announced its Technical Plan for the Last Four Months of 2014 (Technical Plan). According to the Technical Plan, the GASB will continue discussions regarding projects on its current technical agenda, release three due process documents, and start pre-agenda research on specified external investment pools’ accounting and financial reporting efforts. In addition, the GASB is expected to perform pre-agenda research on Debt Extinguishments, External Investment Pools, and the Financial Reporting Model. For the Technical Plan’s overview , please visit the GASB website. Also check out Cherry Bekaert’s Government Services industry page for information on. Read More.
GASB Plans for Three-Day Meeting This Week
Beginning tomorrow, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting in Norwalk, Connecticut. Scheduled to start each day at 8:30 a.m., the meetings are expected to cover the preballot drafts of the Preliminary Views Leases and Fiduciary Responsibility for Financial Reporting, and Exposure Draft of the proposed Tax Abatement Disclosures, as well as fair value measurement and application, and matters related to pension plans not managed through trusts that meet certain criteria. With the exception of Wednesday’s late afternoon session, the meetings are open for public viewing. Attendees will be able to follow the meetings via live. Read More.