May 2017 Posts

May
25
2017

GASB 77: Finally, Sonar for “Budget Icebergs”

As we await this year’s geyser of first-ever tax break data under GASB Statement 77*, Good Jobs First is especially keen to see how some “budget icebergs” will be revealed.

For example:

Michigan Economic Growth Authority (MEGA) tax breaks disrupted the state’s 2015 budget process when officials realized the true

May
17
2017

New Mexico Leads the Way on GASB Statement 77

New Mexico State Auditor Tim Keller is a man on a mission. No one is doing a better job implementing a new national corporate welfare sunshine rule.

As the person in charge of compliance with Governmental Accounting Standards Board (GASB) rules by every locality in the state, Keller and his

May
11
2017

Birmingham Goes Above and Beyond New Economic Subsidy Reporting Rules

Birmingham, Alabama set a positive example last winter when it exceeded a new accounting rule and disclosed far more tax-break information than is required under GASB Statement No. 77*. The biggest city in a free-spending state that has been notoriously opaque, it named company names, disclosed the number of tax-break

May
1
2017

Good Jobs First Lauds Accounting Board for Clarifying Tax-Break Sunshine Rule

Good Jobs First today lauded the Governmental Accounting Standards Board (GASB) for its latest formal guidance on how localities and states should disclose the costs of economic development tax breaks. Noting that the guidance apparently corrects at least one state auditor and some accounting firms, Good Jobs First called upon state officials and firms to publicize the new guidance and, if necessary, to revise and re-issue any erroneous instructions they may have given.