Post by Logan on Mar 18, 2016 20:35:06 GMT -6
Although its 2014-15 budget was balanced, California’s state government ended the fiscal year $175.1 billion in the red, thanks largely to state retirement obligations that had to be included in its balance sheet for the first time.
Under new rules by the Governmental Accounting Standards Board, state and local governments must list unfunded pension liabilities as debts alongside the more traditional bonds and other forms of debt.
Counties and other local governments have been rolling out their annual financial reports this year, some showing multibillion-dollar deficits for pension obligations, so the state’s report was not unexpected.
Pension reform advocates have praised the new GASB standards, saying they drive home their point that pension obligations are debts that distort state and local finances.
Read more here: www.sacbee.com/news/politics-government/capitol-alert/article66904557.html
Under new rules by the Governmental Accounting Standards Board, state and local governments must list unfunded pension liabilities as debts alongside the more traditional bonds and other forms of debt.
Counties and other local governments have been rolling out their annual financial reports this year, some showing multibillion-dollar deficits for pension obligations, so the state’s report was not unexpected.
Pension reform advocates have praised the new GASB standards, saying they drive home their point that pension obligations are debts that distort state and local finances.
Read more here: www.sacbee.com/news/politics-government/capitol-alert/article66904557.html