Excellent summary of the problems with Muni Accounting. Most people don’t even know that government entities have their own accounting standards. A totally separate system from GAAP. Close to zero percent of the population will understand this article. I bet no more than 5 % of government officials understand it. And legislators in Springfield– not more than 10% guaranteed.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
It is nothing but lies and covering up mismanagement.
Just because you are paranoid that doesn’t mean every union as well as every politician and his family aren’t aren’t in cahoots to destroy you.
Poor Taxpayer,
I would describe it as Fun with Numbers!!
Da Judge
Excellent summary of the problems with Muni Accounting. Most people don’t even know that government entities have their own accounting standards. A totally separate system from GAAP. Close to zero percent of the population will understand this article. I bet no more than 5 % of government officials understand it. And legislators in Springfield– not more than 10% guaranteed.
So true. Financial literacy is rare.
The ridiculous government accounting standards board (GASB)should be phased out – then the public might hear the truth for a change.
By GASB standards, IL has a balanced budget. By GAAP standards? Not even close!