The Governmental Accounting Standards Board (GASB) is seeking public comment on a new proposal that state and local governments provide five-year projections of their cash flows and financial obligations as supplemental information to their financial statements. In a GASB press release, Chairman Robert Attmore said, “The current economic downturn has emphasized what has been known for a long time: information is not always publicly available regarding the financial challenges facing governments.” Two public meetings will be held to discuss these Preliminary Views in early 2012 …
… Where is the best place to live in the Northeast? Scarsdale, New York, according to The Business Journals On Numbers report, which says that Scarsdale is the only city in the region with a median household income above $200,000 and a median home value above $1 million, with more than 80 percent of its residents holding bachelor’s degrees. On Numbers will reveal its picks for the other regions of the country soon. Stay tuned ….
… Home run – or foul ball? The Securities and Exchange Commission (SEC) intends to find out whether any securities laws were violated in the financing of the new Marlins stadium, according to a recent Miami Herald article. The stadium is scheduled to open in time for the 2012 baseball season. The City of Miami and Miami-Dade County have been issued subpoenas for documents and records involving communications between government officials and team executives. The SEC is investigating a variety of issues related to the stadium financing, including whether bond investors may have been misled. The requested materials are to be submitted to the SEC by January 6.
… Also in the Sunshine State, a special committee appointed by Governor Rick Scott is looking into alternative ways to finance special hospital districts. As Kaiser Health News reports, these districts are currently funded by taxpayers, in areas “where property owners pay a bit more tax to fund local hospitals, specifically those serving the poor.” Changing the structure of the system is raising concerns for some, who worry that a change could have “unintended consequences” – i.e., challenges in securing federal funding for Medicaid.